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Inflation in Russia Climbs to 16.9%
Consumer prices rose 16.9% in Russia last month compared with March 2014, according to the country's Rosstat statistics agency.
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Consumer prices rose 16.9% in Russia last month compared with March 2014, according to the country's Rosstat statistics agency. It was the biggest increase in 12 years.
Rising inflation comes as the country appears certain to slide into recession this year. Russia's central bank expects the country's gross domestic product will shrink about 4% this year.
Last week the World Bank estimated a 3.8% contraction in 2015, more than five times the rate it forecast for Russia in December. The bank predicts the shrinkage will slow to 0.3% in 2016.
Russia's more optimistic economy ministry says it expects the country's economy will shrink 3% this year but expand in 2016 and continue at an average 2.5% through 2018.
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