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Russia’s inflation rate may grow to 5%

January 31, 2014, 14:38 UTC+3 MOSCOW
Much would depend on stabilization of the ruble exchange rate
1 pages in this article
© ITAR-TASS/Sergei Fadeichev

MOSCOW, January 31. /ITAR-TASS/. Inflation rate may grow to 5.2% in Russia this year, Deputy Minister of Economic Development Andrei Klepach told reporters on Friday.

“I believe that inflation rate will not be above 5.5%. But it should be realized completely where ruble exchange rate stabilizes. Probably, this will bring likely inflation rate slightly higher to 5.2%, somewhere within this range,” Klepach said.

Meanwhile, he noted that much would depend on stabilization of the ruble exchange rate.

According to a current forecast of the Ministry of Economic Cooperation, inflation rate in Russia will reach 4.8% in 2014.

Capital flight

Capital flight may make $30-35 billion in the first quarter of 2014, Deputy Minister of Economic Development Andrey Klepach told reporters.

“Capital flight will be around $30-35 billion in first quarter of this year. Probably, annual forecast will have to be adjusted,” Klepach said.

According to the latest forecast of the Ministry of Economic Development, capital flight may make $25 billion in 2014.

GDP growth

Russia’s GDP growth has made 1.3% in 2013, 1% in December and 1.4% in fourth quarter of 2013, Klepach said.

“Our preliminary estimate of GDP growth is 1.3% in 2013 that is slightly lower than we forecast,” Klepach said. He added that this year-on-year figure has made 1% last December, respectively, this is zero growth with cleaning from seasonal fluctuation, so, GDP rate did not grow last December.

The deputy minister added that the ministry had specified the GDP growth rate last November year-on-year up to 1.8% against the previous estimate at 1%. GDP rate went up 1.4% in fourth quarter of the previous year.

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