11:38 GMT25 September 2020
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    Russia's Bank for Development (VEB) Deputy Chairman Andrei Klepach said that inflation in Russia will be a bit higher than 4 percent, 4.5-4.7 percent.

    SOCHI (Sputnik) — Inflation rate in Russia will be above 4 percent in 2017, standing between 4.5 and 4.7 percent, Russia's Bank for Development (VEB) Deputy Chairman Andrei Klepach said Saturday.

    "Next year, it [inflation] will be a bit higher than 4 percent, 4.5-4.7 percent," Klepach said speaking at the Sochi International Investment Forum.

    On Wednesday, Russian President Vladimir Putin told the government that in the medium term-perspective, it was necessary to reach the 4-percent levels of inflation.

    Inflation rate in Russia has decreased after the central bank cut key interest rates for a second time this year. The central bank wants the rate of inflation to be 4 percent by 2017, while it stood at 6.6 percent in September.


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