TRANSCRIPT: [Putin at] Plenary session of Congress of Russian Union of Industrialists and Entrepreneurs

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(Kremlin.ru – March 16, 2017) Vladimir Putin addressed a plenary session of the Congress of the Russian Union of Industrialists and Entrepreneurs. The congress is being held as part of the X Russian Business Week (RBW) on March 13-17, hosted by the Russian Union of Industrialists and Entrepreneurs. The RBW participants coordinate proposals on key areas of interaction between the […]

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NEWSLINK: “Russian inflation falls below 5% for the first time since Soviet days” – bne Intellinews/Ben Aris

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“Russia’s consumer price inflation … dropped below 5% for the first time since the fall of the Soviet Union more than a quarter of a century ago. Inflation was 4.6% y/y in February, according to Rosstat, down from 5% in January and in line with the Bloomberg consensus for the month. …”

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NEWSWATCH: “Russia’s economy grows at $40 per barrel oil; Russia’s Central Bank last week said appetite was low for an increase in lending rates” – UPI/Daniel J. Graeber

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The Russian economy will be on the positive side of growth even if the price of crude oil falls to $40 per barrel … [Central Bank Gov. Elvira Nabiullina] said. … The number of economic sectors expected to expand this year is not much greater than those in contraction, but losers are outnumbered. Much … depends on the price of […]

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Russian Central Bank Chief Nabiullina Named European Banker of the Year

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(Moscow Times – themoscowtimes.com – January 4, 2017) The British finance journal The Banker has named Russian Central Bank Head Elvira Nabiullina as the European Central Bank Chairman of the year. The journal highlighted Nabiullina’s success in controlling Russia’s inflation rate. “The efforts of the Central Bank head has led to the fact that the rate of inflation by the […]

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Russia’s Widening Wealth Divide Poses Risks to Central Bank

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(Bloomberg – bloomberg.com – Andrey Biryukov – October 19, 2016) The Bank of Russia is discovering yet another downside to how little is left of the country’s middle class. The central bank has warned that its ability to steer inflation is at risk from growing wealth inequality and the disappearance of the middle-income households that are the most sensitive to […]

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NEWSWATCH: “Russian PM expects modest economic growth in early 2017” – Reuters

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… Medvedev expects modest growth in the economy early 2017 …. The Russian economy has struggled following the introduction of international sanctions against Moscow in 2014 over its role in the Ukraine crisis. … According to a Reuters poll, Russian inflation will fall to just over 6 percent by the end of the year as monetary policy is kept tight, […]

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Here’s What Putin Wants From Central Bank as Elections Near

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(Bloomberg – bloomberg.com – Anna Andrianova, Andre Tartar – July 5, 2016) Helping your president win elections doesn’t have to compromise a central bank’s independence, at least not in Russia. Monetary policy is aligning with politics before Vladimir Putin’s biggest test at the ballot box since he returned to the presidency in 2012. By claiming the upper hand in the […]

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Putin Swears Off Stimulus as Policy Mix Moves Toward ‘Orthodoxy’

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(Bloomberg – bloomberg.com – Anna Andrianova – April 17, 2016) It was by no means the showstopper of President Vladimir Putin’s annual call-in with Russians, complete as it was with digs at the U.S. and justice dispensed on live television. Two days after Bank of Russia Governor Elvira Nabiullina urged reforms and warned against the “big illusion” of using inflation […]

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Russian Inflation Slows More Than Forecast as Ruble Shock Fades

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(Bloomberg – bloomberg.com – Anna Andrianova – April 5, 2016) Russian inflation decelerated to the slowest pace in almost two years as withering consumer demand continues to weigh on prices and stronger oil propels a rally in the ruble. Consumer-price growth eased to 7.3 percent from a year earlier in March, compared with 8.1 percent in February, the Federal Statistics […]

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Russia sees 1% January inflation, annual falls to single figures – Rosstat

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MOSCOW. Feb 5 (Interfax) – Russia had 1% inflation in January 2016, compared with 0.8% in both December and November 2015, the Federal State Statistics Service (Rosstat) said. Analysts told Interfax in a consensus forecast at the end of January that they thought inflation for the month would be 1%. Inflation soared to 3.9% in January 2015 – the highest […]

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Can Russia Be More Miserable? Judging by Oil, the Answer Is Yes

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Combining inflation and unemployment, Russia is among the world’s unhappiest economies (Bloomberg – bloomberg.com – Elena Popina – February 4, 2016) [Charts here bloomberg.com/news/articles/2016-02-04/can-russia-be-more-miserable-judging-by-oil-the-answer-is-yes] The sinking price of crude has Russia hostage over a barrel of oil. For an inkling of how unhappy everyday Russians have gotten as Brent crude heads further south, take a look at the Misery Index […]

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Inflation Is Most Worrying Problem for Russians – Poll

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(Moscow Times – themoscowtimes.com – February 2, 2016) The number of Russians that consider high inflation one of the country’s biggest problems increased sharply in January, a survey by state-run pollster VTsIOM revealed Tuesday. Twelve percent of Russians were concerned about rising prices in December, but in January that number jumped to 20 percent, according to the poll. Other problems […]

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Russians put economy, inflation on top of most pressing national problems

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(Interfax – February 2, 2016) The economy, inflation, and low living standards have been viewed by the public as the top three most pressing problems in Russia, for the past six months, the Russian Public Opinion Study Center (VTsIOM) has said. The economy was the number one problem in the January rating. Concerns about economic affairs started growing in November […]

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Russians’ Real Wages Fall 9.5% in 2015

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(Moscow Times – themoscowtimes.com – January 26, 2016) As Russia’s inflation reached double-digits last year, Russians saw their real wages decline by 9.5 percent compared to 2014, data published by the Rosstat state statistics service showed Monday. In December 2015, real wages of Russians dropped 10 percent when compared to the same month in 2014, according to Rosstat data. The […]

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Inflation in Russia reaches 12.9 per cent, highest since 2008 – statistics

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(Interfax – December 31, 2015) The inflation in Russia has reached its highest value since 2008, mounting to 12.9 per cent for 2015, the Russian Federal Service of State Statistics (Rosstat) reported, as cited by Russian privately-owned news agency Interfax on 31 December. According to Rosstat, the preliminary calculations for December, which are based on data for a limited list […]

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NEWSWATCH Wall Street Journal: “Russia Takes Aim at Turkish Economy Amid Fighter-Jet Spat. Turkish officials reject Vladimir Putin’s call for an apology.”

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The Wall Street Journal covers Russia’s response to Turkey’s shoot-down of a Russian military jet. Russia has reacted with fury to the incident and vowed to retaliate by clamping down on trade and business ties. … Turkish President … Erdogan dismissed Mr. Putin’s demands that Ankara apologize or offer compensation …. Turkey has provided evidence that it gave repeated warnings […]

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Interfax: Russian authorities know how to take inflation under control, to reach plan by yearend – Shuvalov

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MOSCOW. Oct 21 (Interfax) – The Russian authorities know how to take inflation under control; by the end of 2015 it will reach planned levels, Russian First Deputy Prime Minister Igor Shuvalov said at the State Duma on Wednesday. “I can say that in terms of growth rates and inflation – which concerned us most of all within the macro […]

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Fractures Form Inside Russia’s Central Bank as Recession Deepens

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(Bloomberg – bloomberg.com – Evgenia Pismennaya, Ilya Arkhipov – August 12, 2015) In his first stint as a top Russian central bank official in the early 1990s, Dmitry Tulin saw how flooding cheap credit to dying industrial giants delivered hyperinflation instead of growth. Now back as the bank’s monetary chief, Tulin, 59, has argued internally for easier credit and more […]

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Russian Food Prices Stabilize After Months of Racing Inflation

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(Moscow Times – themoscowtimes.com – Anastasia Bazenkova – August 3, 2015) After a year of skyrocketing food prices that have forced many Russians to spend less on what they eat, the cost of many categories of food has finally begun to stabilize or fall, official data show. Food price inflation has been one of the harshest consequences for ordinary Russians […]

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Russia most likely to have 10.5% inflation for year – Ulyukayev

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MOSCOW. July 7 (Interfax) – Russia is must likely to have 10.5% inflation for this year, Economic Development Minister Alexei Ulyukayev said. “Our official forecast is 11.9%. We won’t be changing it before we submit our adjusted forecast to the government. Officially it will remain such until September. But right now we see the most likely dynamic as falling to […]

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Interfax: Peak of inflation has passed, but risks remain – Nabiullina

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MOSCOW. June 8 (Interfax) – The Central Bank of Russia is expecting a reduction of inflation and noted that its peak has already passed, although risks exist for it, Central Bank Governor Elvira Nabiullina said. “Weekly inflation has remained at 0.1% for six weeks already. According to our estimate, we have passed the peak of inflation, we are forecasting its […]

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Russians Hope Worst is Over as Inflation Slows in May

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(Moscow Times – themoscowtimes.com – June 5, 2015) Russian inflation slowed in May for the second month and the price of key foodstuffs began to fall, official data showed, signaling that the worst of a painful inflation spike may have passed. Consumer prices were 15.8 percent higher in May than in the same month a year earlier, down from the […]

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NEWSLINK Wall Street Journal: Russia’s Beloved Borscht Reveals Reality of Inflation. Retired Siberian journalist tracks ingredients to document the country’s soaring food prices

Red Cabbage and Green Cabbages, adapted from image at pnnl.org

Russia had its most severe year-over-year monthly inflation in 13 years in March, the result of a plunge in crude oil prices, a devalued ruble and the Kremlin’s ban on an array of Western food imports imposed in retaliation for sanctions over Ukraine. Overall, inflation climbed to 16.9% compared with a year earlier, according to the state statistics service, pinching […]

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Russian Cabbage Prices Triple as Much-Loved Staple Falls Victim to Inflation

Red Cabbage and Green Cabbages, adapted from image at pnnl.org

(Moscow Times – themoscowtimes.com – Howard Amos – April 27, 2015) The cost of a cabbage in Russia has almost tripled in less than six months. The Russian staple – and a key ingredient in traditional dishes such as the famous shchi soup – leads the field among foods suffering from inflation because of huge ruble devaluation in 2014 and […]

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Ruble Rebound Slows Russia’s Rampant Food Price Inflation

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(Moscow Times – themoscowtimes.com – Delphine d’Amora – April 21, 2015) The ruble’s rapid recovery in recent weeks has seen prices on some foods fall, easing months of spiraling inflation and softening one of the most widely felt blows of Russia’s economic crisis. All major retailers contacted by The Moscow Times last week said that the ruble’s rebound of some […]

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Moody’s: Russian inflation to peak at 17%-18% in Q2 2015, drop below 10% by mid-2016

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MOSCOW. April 15 (Interfax) – Moody’s Investors Service expects Russian inflation to peak at 17%-18% in the second quarter of 2015 and to drop below 10% by mid-2016 as the impact of the ruble’s depreciation fades, Moody’s said in a report on Russia’s banking sector in 2015. “Therefore Central Bank of Russia (CBR) is likely to loosen monetary policy on […]

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Russian inflation slows to 1.2% in March, annual rises to 16.9% – Rosstat

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MOSCOW. April 6 (Interfax) – Inflation in Russia slowed to 1.2% in March from 2.2% in February, 3.9% in January and 2.6% in December, the Federal State Statistics Service (Rosstat) said. This was slightly above the 1.1% that analysts predicted in a consensus forecast for Interfax. It was also higher than the 1% that Rosstat itself estimated, although that was […]

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82% of Russians See Steep Prices Rises as Nation’s Biggest Problem – Poll

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(Moscow Times – themoscowtimes.com – March 17, 2015) Inflation is the biggest concern for Russians with 82 percent of the population picking it as the most pressing issue facing the country, according to a poll published by the independent Levada Center on Monday. The figure is up from 71 percent in August, and from 69 percent this time last year. […]

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Russians facing soaring prices as inflation surges into double digits

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(Russia Beyond the Headlines – rbth.ru – Alexei Lossan – February 11, 2015) Russia’s consumer price inflation hit 15 percent in annual terms in January, the highest rate since February 1999, on the back of the sharp decline in oil prices last fall and the consequent collapse of the Russian ruble in December. Future fluctuations in the inflation rate are […]

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Putin Said to Stun Advisers by Backing Corruption Crackdown

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(Bloomberg – bloomberg.com – Evgenia Pismennaya, Irina Reznik- November 19, 2014) Vladimir Putin sat motionless as the minister, seizing on the Russian leader’s first major meeting with his economic team in months, itemized the challenges. A recession is imminent, inflation is getting out of hand and the ruble and oil are in freefall, Economy Minister Alexei Ulyukayev told Putin, according […]

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Ruble’s Fall and Food Import Bans Send Inflation Ever Higher

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(Moscow Times – themoscowtimes.com – October 6, 2014) Year-on-year inflation hit 8 percent in September, driven up by the plummeting value of the ruble and Russia’s bans on many food imports from the United States and European Union, according to data from state statistics service, Rosstat. Rising food prices were the main driver, climbing 11.4 percent year-on-year in September, up […]

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Russia Beyond the Headlines: Russia to continue on economic course despite restrictions, says Putin

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(Russia Beyond the Headlines – rbth.ru – Alexei Lossan, RBTH – October 3, 2014) Speaking at the Russia Calling Investment Forum, Russian President Vladimir Putin discussed the main direction in the development of Russia’s economy. Analysts believe that Russia’s main challenge will be keeping inflation under control – inflation that was partly brought about by the ban on food imports […]

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Fewer Russians Worry About Inflation Despite Predictions of Higher Food Prices

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(Moscow Times – themoscowtimes.com – August 13, 2014) Fewer Russians are concerned about inflation than they were a month ago, a new poll published Tuesday showed, even as analysts warned recession was inevitable and that a ban on many foreign food items would push up prices for consumers. The state-run Russian Public Opinion Research Center found that between June and […]

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NEWSLINK: Russia holds rate, warns of rises if inflation accelerates

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[“Russia holds rate, warns of rises if inflation accelerates” – CentralBankNews.info –  February 14, 2014 – http://www.centralbanknews.info/2014/02/russia-holds-rate-warns-of-rises-if.html] CentralBankNews.info covers Russia’s Central Bank and its decision to maintain its key policy rate at 5.50 per cent.  The Central Bank cautions that it could raise rates if inflation exceeds the bank’s target, but asserts an expectation that inflation will be held in […]

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Targeting Inflation: The Right Move for the Long Haul

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(Russia Beyond the Headlines – rbth.ru – Stanislav Savinov, special to RBTH – February 3, 2014) Stanislav Savinov is a macroeconomic analyst at UFS Investment Company in Moscow. New leadership has given the Russian Central Bank a fresh dynamism that was sorely lacking. The new head, Elvira Nabiullina, is shaking things up, in part by making inflation Enemy No. 1. […]

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Russia had 6.5% inflation in 2013, way above target – Rosstat

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MOSCOW. Dec 31. (Interfax) – Russia had 6.5% inflation in 2013, the Federal State Statistics Service (Rosstat) said, quoting preliminary figures. December inflation decelerated to 0.5%, from 0.6% in November. Inflation for the year was below the 6.6% seen in 2012. Russia had 6.1% inflation in 2011 and 8.8% in 2010 and 2009. December inflation was in line with the […]

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Inflation, corruption catching up with public utilities on Russian top problems’ list – poll

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(Interfax – MOSCOW, July 11, 2013) Housing and public utilities remain the biggest concern for Russians (55%) although the problem’s acuteness has been alleviated in recent months, the Russian Public Opinion Study Center (VTsIOM) said. The second biggest problem is inflation (47%) and low living standards rank third (46%). Corruption and bureaucracy (44%) and healthcare problems (43%) follow. The other […]

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Russia Resists Calls to Cut as Inflation Concerns Grow

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(Bloomberg – bloomberg.com – Scott Rose & Olga Tanas – February 12, 2013) Russia’s central bank refrained from easing borrowing costs after inflation surged to a 15-month high, warning of the threat of faster price growth and defying government calls for lower rates to support the slowing economy. Bank Rossii held the refinancing rate at 8.25 percent for a fifth […]

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