Inflation in Russia hit a historic low of 5.4 percent in 2016, sharply recovering from 12.9 percent in 2015, Russian Prime Minister Dmitry Medvedev said Tuesday.

“Reaching the set target of 4 percent is feasible,” Medvedev said at a meeting of senior government officials on socio-economic issues.

The previous lowest inflation of 6.1 percent was registered in 2011.

The low inflation last year was achieved due to the implementation of a government action plan, which allowed financing support programs for automotive and light industries, as well as transport and agricultural machinery sectors, according to Medvedev.

Russia has maintained a responsible macroeconomic policy and ensured the stability of its capital markets, said the prime minister.

Russian President Vladimir Putin has set for the government the target to reach economic growth rate of above the world average by 2019-2020.

Putin said last month he expected the country’s GDP decline to slow down to 0.5-0.6 percent in 2016, compared with a 3.7-percent decrease in 2015.