Ulyukayev forecasts inflation at 11%-12% in 2015; to decline sharply in 2016

Russia will have 11%-12% inflation in 2015 and the inflation rate will slow sharply in 2016 and real incomes will begin to rise, Economic Development Minister Alexei Ulyukayev said during a lecture at Bocconi University in Milan.

The Central Bank's key rate, currently 15%, will remain high, but will be reduced to the extent inflation declines, he said.

"Inflation will be 11%-12% in 2015. Inflation will fall sharply in 2016, which will make it possible for real individual incomes to begin rising again and we will once more have a driver of growth in the form of consumer demand," Ulyukayev said.

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