Russia Inflation to Return to 4%

Inflation in Russia will return to the target of 4% during 2018, Igor Dmitriev, head of the monetary policy department at the Bank of Russia, told journalists, Tass reported. “Dynamics of inflation will be back on target of 4% in 2018. It is difficult to talk about more precise terms, but we are confident that inflation will return to 4%,” Dmitriev said. He said that so far the regulator maintains its forecast for inflation in Russia at 3% for the year but it can be revised. He added that monthly inflation in October, according to the regulator, was 0.2%. Earlier on Thursday, the economic development ministry published a forecast saying that the annual inflation in November will be in the range of 2.6-2.7%, and in December it will be in the range of 2.5-2.8%, depending on the further dynamics of the ruble exchange rate.

Meanwhile, Russia wants to start commercial supplies to Venezuela in addition to the previously signed intergovernmental deal, an official said Friday.