May 15, 2017 / 1:29 PM / 3 months ago

Russia ministry: quicker rate cuts likely if inflation drops sharply

MOSCOW, May 15 (Reuters) - Russia's central bank is very likely to speed up rate cuts if inflation quickly falls below its target of 4 percent, the Russian economy ministry said on Monday.

The ministry said if the current rouble level remained in place till the end of the year then inflation could fall to 2.9 percent in December.

It added that it saw inflation ending the year at 3.8 percent in its base case, because it expected the Bank of Russia to react in the event of an accelerated inflation slowdown. (Reporting by Alexander Winning; editing by Vladimir Soldatkin)

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