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Russia's monthly inflation stands at 0.4 pct in May

Xinhua, June 7, 2016 Adjust font size:

Russia's monthly inflation was 0.4 percent in May, slightly down from the previous month, and the year-on-year rate for the last 12 months reached 7.3 percent, the Russian State Statistics Service said on Tuesday.

The statistics service predicted that the country's inflation rate will remain at 0.4 percent in June, as consumer prices continue to stabilize.

Russia recorded double digit annual inflation rate throughout 2015 due to crumbling oil prices, coupled with the weight of Western sanctions and price hikes only abated in recent months.

The annual rate will be probably decreased to 6.3-6.5 percent by the end of 2016, said Alexey Vedev, deputy minister for economic development.

According to official forecasts by the ministry, Russia's inflation rate will slow down to 6.5 percent this year, and go down to 4 percent by the end of 2019. Endi