Russia's annual inflation rises to 7.5 pct in June
Xinhua, July 5, 2016 Adjust font size:
Russia's annual inflation rose to 7.5 percent in June from the same month a year ago, compared to 7.3 percent year-on-year in May, the Russian State Statistics Service said on Monday.
Monthly inflation stood at 0.4 percent, unchanged from the previous month, it said in a report.
Russia recorded a double digit annual inflation rate throughout last year due to crumbling oil prices, coupled with the weight of Western sanctions and with price hikes which have only abated in recent months.
The country's central bank lowered its key interest rate by 0.5 percentage points last month to 10.5 percent, citing stable inflation and imminent economic recovery as the main reasons behind the change.
The bank also forecasted inflation to drop to 5-6 percent by the end of 2016, to less than 5 percent in May 2017, and to 4 percent in late 2017. Endi