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Russia’s annual inflation to grow in H1 2014 but won’t exceed 5% by yearend

January 15, 2014, 19:23 UTC+3 MOSCOW
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MOSCOW, January 15. /ITAR-TASS/. Annual inflation in Russia will grow in the first half of 2014 but will not exceed the projected 5 percent by the end of the year, Central Bank Deputy Chair Kseniya Yudayeva said at the Gaidar Forum on Wednesday, January 15.

“I think inflation will start getting back to normal in the first half and by the beginning of the second half it will go to the level that will allow us to meet the target figures by the end of the year,” she said.

According to the Central Bank’s forecast, inflation in 2014 will be 5 percent, but may fluctuate upward by 1.5 percent. The 4.5 percent rise in tariffs for the population planned for 2014 would not affect the Bank’s inflation projections, Yudayeva said.

“Inflation acted quite surprisingly at the end of last year, and this needs to be analysed to understand the reasons. We will study and adapt our forecasts and, possibly, our policy as well,” she said.

Yudayeva noted that inflation in late 2013 was “so unpredictable” that it would be hard to make precise forecasts now as to how long the inflationary surge will last. “The situation may get clearer by the end of the first quarter,” she added.

At the same time, the banker believes that after a rise in the first half of the year inflation will start going down in the second half. “There will be no any major upsurge but it will still be higher,” Yudayeva said, speaking about the first half of 2014.

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