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Russian inflation expected to return to projected 5-6% level by yearend

July 24, 2013, 17:36 UTC+3

Russia's Central Bank Chair Elvira Nabiullina believes that much will depend on the crop and food prices

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NOVO OGAREVO, July 24 (Itar-Tass) - Russia’s inflation will return to the project level of 5-6 percent by the end of the year, Central Bank Chair Elvira Nabiullina said.

“Inflation is currently slightly above the level we have set as a target but we hope we will get back to 5-6 percent by the end of the year,” Nabiullina said at a meeting with President Vladimir Putin on Wednesday, July 24.

She believes that “much will depend on the crop and food prices” but “on the whole, we hope to be able to keep inflation going down.”

“We also expect further decrease in inflation next year and hope that this will be helped by the decision to curb the tariffs for the services of natural monopolies,” the chief banker said.

Nabiullina briefed the president on the Central Bank’s priorities, naming monetary and credit policy among them. “It should match the current economic situation and a key task there is to continue the policy of reducing inflation,” she said.

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