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Russia’s economy ministry to keep inflation forecast unchanged for 2014

August 12, 2014, 14:41 UTC+3 SOCHI
Russia’s Economic Development Ministry expects inflation at 6% this year
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Russia's Economic Development Minister Alexei Ulyukayev

Russia's Economic Development Minister Alexei Ulyukayev

© ITAR-TASS/Alexander Astafyev

SOCHI, August 12. /ITAR-TASS/. Russia’s Economy Ministry has no plans to review its inflation forecast for this year, Economic Development Minister Alexei Ulyukayev said on Tuesday.

“No, we’ll not change the inflation forecast for 2014,” the minister said in response to a journalists’ question about a possible forecast review.

Russia’s Economic Development Ministry expects inflation at 6% this year. Meanwhile, the Central Bank of Russia and some analysts say the consumer price index will exceed the target because of western sanctions imposed against Russia over its stance on Ukraine and Russia’s decision to ban food imports from the United States, the European Union, Australia, Canada and Norway in retaliation to these measures.

Specifically, Alfa-Bank has worsened its inflation forecast for 2014 from 7% to 8% in the wake of Russia’s decision to ban the imports of some foodstuffs.

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