Inflation in the country has declined below 5 percent, Russian President Vladimir Putin said on Thursday during his annual "Direct Line" Q&A session
MOSCOW (Pakistan Point News / Sputnik - 20th June, 2019) Inflation in the country has declined below 5 percent, Russian President Vladimir Putin said on Thursday during his annual "Direct Line" Q&A session.
According to Putin, the Russian government decided to increase the value added tax rate in late 2018 from 18 to 20 percent, in particular, in order to provide the country's budget with needed resources to enhance the implementation of national projects.
"Unfortunately, we had to take such unpleasant measures, but we expected that this may lead to adverse consequences in a very short term. In general, the Central Bank and the government were right, and inflation has increased over the six months. What does this mean? It means that the Central Bank has increased the key rate, production slightly reduced and so on. But now we see that production has begun to grow and inflation has decreased, according to the latest data, below 5 percent," the president said.
