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. Last Updated: 07/27/2016

Inflation Set to Rise and Fall

After dipping to under 4 percent, Russia's inflation will rise in September and October, acting Finance Minister Sergei Dubinin said Thursday.

Seasonal lending to the agriculture sector and shipments of supplies to Russia's Far North will cause inflation to surge to between 7 percent and 8 percent in September and October, he said, according to Interfax.

"But after that, inflation rates will drop again to 5 percent in November and December," Dubinin added.

He predicted that inflation at year-end would be below the government's target of around 8 percent.

In August, according to official figures, monthly inflation fell to 4 percent, the lowest since the start of economic reforms in 1992.

In its budget proposals, the Finance Ministry has set a target of 5 percent monthly inflation for next year, declining to 2.5 percent to 3 percent by the end of 1995.