the Chairman of the Bank of Russia Elvira Nabiullina believes that the peak annual inflation in Russia could come in this summer. This forecast it announced today during a press conference.
“What I would like to stress that without conducting the soft monetary policy as it is now, according to our estimates, inflation in 2021-2022 year may be below 4%, so we conduct soft monetary-credit policy”, — quotes “Interfax” the head of the Central Bank.
Recall that, according to Rosstat, consumer prices in Russia from 13 to 18 may 2020 has not changed from the previous reporting period, as a week earlier, and since the beginning of the year inflation remained at 2.2%.
In April, consumer prices in Russia increased by 0.8% compared to the previous month when they rose 0.6%. While yoy inflation in April accelerated to 3.1% after 2.5% in March.
Over the past year, consumer prices rose by 3% (December to December 2018). Thus, 3-percent inflation rate in 2019 was the second lowest value of this indicator for all history of modern Russia. The absolute minimum was recorded at the end of 2017 and 2.5% in 2018, prices increased by 4.3%.
the head of the Ministry of economic development (MED) of the Russian Federation Maxim Reshetnikov presented a briefing on the updated macroeconomic forecast of the Ministry, which implies that annual inflation in Russia for the year will be 4%. The expectations of the MAYOR, annual inflation will accelerate by the end of this year to 4% and total 2021-2023 years will remain at this level.
the Bank of Russia expects that inflation will amount to 3.8-4.8 per cent at the end of this year and will be close to 4% thereafter.
we also Add that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy, as well ase the collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Reacting to the situation, the government and the Bank of Russia adopted several packages of measures to support the economy and citizens.
21 April the Russian government announced that the value adopted by the Cabinet of Ministers of measures to support the economy already amounted to 2.1 trillion rubles. Prior to that, head of the Ministry of Finance of the Russian Federation Anton Siluanov said that the budget measures for combating coronavirus and its implications in Russia is about 2.8% of GDP. In General, the total volume of fiscal support to individuals and business of all sectors in the context of pandemic coronavirus, the Ministry of Finance was estimated at 6.5% of GDP.
may 11, Russian President Vladimir Putin announced the end of may 12, a single period of days off, entered March 30, in the fight against COVID-19. He also announced the beginning of implementation of the third package of anti-crisis measures, under which the state, in particular, will increase targeted support for families with children, small businesses, individual entrepreneurs and self-employed. In addition, Putin instructed the government to prepare a national plan for long-term development of the economy, the recovery in employment and incomes.
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