OREANDA-NEWS  The inflation rate in Russia is at one of the lowest levels in the world, Prime Minister Mikhail Mishustin said at a meeting on economic issues.

"From January to the beginning of July, it [inflation] amounted to 2.9 percent, which is significantly lower than last year's values. In annual terms, it does not exceed 3.5 percent," Mishustin said.

He also noted the stable situation in the labor market. Since February, unemployment in Russia, according to the Prime Minister, has been at a record low of 3.2 percent. Mishustin stressed that in any challenges to the country's economy, all social obligations will be fulfilled. "And we will continue to solve other priority tasks of the state," he said.

In addition, according to Mishustin, GDP growth in the first five months amounted to 0.6 percent. In May, this indicator reached 5.5 percent in annual terms.

In May, Mishustin called the inflation rate in Russia the lowest in Europe. Earlier this month, inflation in the country slowed to 2.3 percent per annum.