Russian inflation in single digits for first time since 2014

The annual Russian inflation rate has fallen below 10%  for the first time since December 2014,  the country’s state-owned Rosstat statistics service was due to announce this morning. After peaking at 12.9% last year, the annual rate dropped down to between 9.6% and 9.7% in the last week in January.The Ministry of Economic Development is forecasting an overall rate of 8.5% for 2016, while at the end of last year the Central Bank said that it expected that inflation would not top 7%, assuming that oil prices averaged  $35 per barrel.