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.
21 September 2016, 21:01 GMT
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.
