Russia’s inflation in 2020 will remain within 4%

The Russian Ministry of Finance does not see a significant risk of inflation in Russia exceeding the target of 4% in 2020, Finance Minister Anton Siluanov said in an interview with Rossiya 1 TV channel.

"Due to lower energy prices and a decline in currency flow to our country, of course, the ruble depreciated, there is a tendency of growing prices primarily for imported goods," he said. "Today, most people are at home, work remotely. They spend less, shop less. And this decline in consumer demand also affects consumer prices downward. Therefore, we do not see significant risks and our target inflation figures. Let me remind you that our target inflation is 4%, and we believe that inflation will not go beyond these limits," Siluanov said.

The minister emphasized that social obligations are an absolute priority for the government, funds for their implementation will be sought without fail.

He added that the Russian economy is ready to function within restrictions as long as it is necessary to preserve the life and health of citizens.