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On 13 January Sergey Pyatenko, General Director of FBK Economic and Law School, took part in Finam.ru on-line conference “Inflation in 2009: causes and effects”. Which factors will have impact on inflation dynamics in 2009? Are there any chances to see a well-defined number, which the Ministry for Economic Development strives for? How much will the decrease of the ruble exchange rate influence the inflation? The participants of the conference were proposed to answer these and other questions.

As it was noted by Sergey Pyatenko that inflation is a multifactor economic process, it becomes apparent in price rise. Answering the question about less than 10 % inflation in Russia, he stated that in any countries of development stage similar to Russian, there is no inflation less than 10 %. “We just can not afford it. Any attempts to achieve it will directly lead to major problems. For Russia it is natural to leave for 15-20 more years with 15-20 % inflation. It is objective reality”, the expert concluded.

During the conference Sergey Pyatenko made public a forecast, according to which inflation in 2009 will be approximately 15 %, exchange rate of ruble will be 37 rubles for one dollar, decrease of industrial production will be 4-5 %.

Valery Mironov, Chief Economist of the Development Centre economic research foundation, Olga Belenkaya, Deputy Head of LLC “Sovlink” Analytical Department, Danila Levchenko, Chief Economist of FK “Otkrytiye”, Maria Kataranova, expert of Economic expert group and Alexander Osin, Chief Economist of UK “Finam Management”, also took part in the conference.