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Inflation in Russia in 2013 not to exceed 6.5%

December 25, 2013, 19:21 UTC+3 MOSCOW
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MOSCOW, December 25. /ITAR-TASS/. Minister of Economic Development Alexei Ulyukayev confirmed his ministry’s previous forecast of 6.4-6.5 percent for inflation in 2013.

“It remains 6.4-6.5 percent,” which is above the projected level of 6 percent, he said on Wednesday, December 25.

The problem is that “food makes up a very large portion of our consumer basket, and this affects the final figure,” he said ealrier, adding that the other components, such as services and non-food products, are less subject to sharp fluctuations.

“The Central Bank’s goal of 5 percent [next year] appears to be realistic. We can say with a high degree of probability that the target figure of 5 percent can be achieved,” the minister said.

With the current level of inflation, he believes it unlikely that the Central Bank will lower its interest rate.

Ulyukayev said the World Bank’s forecast of 1.3 percent for economic growth in Russia is ‘an understatement.”

The World Bank lowered its forecast for economic growth rates in Russia from 1.8 percent to 1.3 percent in 2013; to 2.2 percent in 2014; and to 2.7 percent in 2015.

Russia’s GDP can grow by 2.5 percent in 2014, Ulyukayev said.

“We tend to update our forecast [for GDP]. Our projection for next year is 3 percent, but we have sent a corrected version to the Finance Ministry and expect GDP to grow by 2.5 percent in 2014. This is not a critical difference, within the margin of error. I see no problem there. Such differences occur in institutes’ projections all the time,” Ulyukayev said.

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