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  Tuesday, September 17, 2019
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The rate of inflation may reach 13 percent in Russia this year
The rate of inflation may reach 13 percent in Russia this year, presidential aide Andrei Illarionov predicts. Speaking to reporters on Tuesday, he said that consumer prices were now rising at an annual rate of over 13 percent while wholesale prices were going up at a rate of more than 20 percent. Thus, for instance, in the period between March 2004 and March 2005, consumer prices rose by 13.6 percent. Illarionov said he would be really surprised to see the indices fall from their current levels. In theory, deflation is a possibility in Russia, but only if demand for cash grows sharply. But given the Russian people's mindset, this possibility does not seem likely, the presidential aide pointed out. Thus, the annual inflation rate will either rise further or stay at its current level, if the ruble does not plummet against major world currencies, Illarionov said. He predicted that with inflation at 13 percent, the national currency's depreciation will go at the same pace. The inflation rate projected in this year's federal budget is 8.5 percent
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