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Annualized Inflation in Russia Expected to Decrease to 4% in May - Minister

© AFP 2023 / ALEXANDER NEMENOVA Russian ruble coin is pictured in front of the Kremlin in in central Moscow, on November 6, 2014
A Russian ruble coin is pictured in front of the Kremlin in in central Moscow, on November 6, 2014 - Sputnik International
Minister Maxim Oreshkin said that annualized inflation rate in Russia is expected to fall to 4 percent in May, two months sooner than the target set by the Russian Economic Development Ministry.

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MOSCOW (Sputnik) The annualized inflation rate in Russia is expected to fall to 4 percent in May, two months sooner than the target set by the Russian Economic Development Ministry, Minister Maxim Oreshkin said Friday.

"We expect that the rate of 4 percent will be already reached in May. The estimations for the year end are changing. In accordance with the basic scenario and under the condition of the weakening ruble, the inflation rate is expected to be 3.8 percent. If the ruble stands stable and the currency rate amounts to 56-57 rubles [per dollar], the inflation will amount to about 3 percent," Oreshkin told the Rossiya 24 broadcaster in an interview.

According to Oreshkin, the situation is currently developing in accordance with the ministry's forecast.

"But it is very important… that as soon as inflation trajectory starts following such an optimistic scenario, we will immediately see the reaction of the Central Bank," the minister added.

Since oil prices plummeted in 2014 and western countries imposed sanctions against Russia over the referendum in Crimea, the Russian economy faced serious challenges. According to the Federal State Statistics Service (Rosstat), in 2014, the inflation rate surged to 11.36 percent, reaching a five-year record of 12.91 percent in 2015, before declining to 5.4 percent in 2016.

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