Moscow inflation at lowest level for 30 years

October 25
Economy and entrepreneurship

Moscow inflation remains at a low level despite pandemic-related economic problems, Deputy Mayor for Economic Policy and Property and Land Relations Vladimir Yefimov said.  

According to Mr Yefimov, the inflation slow-down has been particularly obvious in recent years, with average annual inflation declining from 7.2 percent in 2010 – 2013 to 4.2 percent in 2016 – 2019.  

“This year, despite pandemic-related economic problems, Moscow inflation remains at its lowest level in the past 30 years. It was up 2.5 percent on last December’s figure during the first nine months of this year, and up 3.2 percent year on year on last September,” he said.

The slow-down is due to the favourable business climate and a competitive goods and services market in Moscow, factors that deter sharp price hikes.

The slight increase in inflation in late 2020 is explained by a revival of consumer demand, Moscow Government Minister and Head of the Department for Economic Policy and Development Kirill Purtov added.

“December’s inflation is expected to be up 3.4 percent on last December. The average rise in inflation for 2020 is estimated at 2.9 percent,” Mr Purtov said.

The Moscow Government’s Analytical Centre is predicting that average annual inflation will stabilise at 3.3–3.4 percent in the mid-term.


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