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Inflation rate in Russia may reach 7.7% in 2014 — finance minister

September 19, 2014, 11:22 UTC+3

The financial authorities and government will not push up the inflation, Russian Finance Minister Anton Siluanov says

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Russian Finance Minister Anton Siluanov

Russian Finance Minister Anton Siluanov

© ITAR-TASS/Anton Novoderezhkin

SOCHI, September 19. /ITAR-TASS/. The inflation rate in Russia may reach 7.5-7.7% in 2014, Finance Minister Anton Siluanov told reporters on the sidelines of the Sochi International Investment Forum on Friday.

“We plan the inflation rate at about 7.5-7.7% this year. First and foremost, this is caused by a higher price of the consumer basket,” he said.

The inflation rate is planned at about 5.5-6% next year, the finance minister said.

“We do not raise budget expenditures, we do not intend to provide monetary financing. Therefore, from the point of view of financial authorities and government we will not push up the inflation. The draft budget is developed to have the minimal deficit and a tough monetary policy,” the minister said.

Introduction of progressive income tax

Russia has no need to introduce progressive personal income taxation instead of the current 13% fixed rate, Siluanov said.

“I think that flat tax rate schedule is our advantage. We charge taxes on well-off citizens via property taxes, companies pay taxes on high salaries. And in general, the higher salary you pay, the higher are the income tax payouts. I think that we do not need to come back to progressive taxation in the near future,” Siluanov said.

The authorities said earlier that changes in taxation on citizens’ income will be discussed only in 2019, while some experts speak in favor of progressive tax rate introduction every year.

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