November 13, 2019, 12:44


Inflation in Russia Slightly Accelerated in Early 2019, Now Showing Downward Trend – Putin

Inflation in Russia Slightly Accelerated in Early 2019, Now Showing Downward Trend – Putin

ST. PETERSBURG (Sputnik) – Russia’s inflation slightly increased at the beginning of 2019 but is now showing a trend toward a decline, Russian President Vladimir Putin said on Thursday.

“At the beginning of this year, [inflation] increased slightly, but now there is a tendency toward a decline”, Putin said at a meeting with investors at the St. Petersburg International Economic Forum (SPIEF).

The president stressed, citing the Russian Federal State Statistics Service, that, between 28 May and 3 June, weekly inflation was at 0.1 percent.

READ MORE: US Sanctions on Russian Sovereign Debt, Ban on Dollar Ops Are Unlikely – Fitch

Putin added that last year Russia’s inflation amounted to 4.3 percent, describing it as a good result for the country’s economy.

Russian economic growth accelerated to a six-year high of 2.3 percent in 2018, according to The World Bank, despite the tightening of economic sanctions and pressure on financial markets. The acceleration was also supported by the rise in oil prices, a solid contribution from net exports, energy-related construction projects.

The forecast for Russian GDP growth for 2020 and 2021 remain unchanged – the World Bank is expecting the rate to rise to 1.8 percent, noting, however, that growth of private investment could remain sluggish.

READ MORE: 2018 SPIEF Plenary Session: Putin Outlines Main Acute Global Issues

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