Russia Inflation Seen at 5.5%

Russian Economy Minister Alexei Ulyukaev said Tuesday that inflation was likely to be below the government’s target at 5.5% in 2016, according to Interfax news agency. “This is a record year for us,” he said. “I understand that by European standards 5.5% does not sound like low inflation, but for Russia this is the case.” Ulyukaev said the economy would grow next year by approximately 1%, in line with central bank and government predictions. Russia’s economy, buffeted by low oil prices and western sanctions, shrank 3.7% last year and is on track to shrink this year.