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Economic Development Ministry keeps inflation forecast for rest of 2014 unchanged

October 13, 2014, 11:41 UTC+3 MOSCOW
Russia’s Ministry of Economic Development forecasts the inflation rate at 5.5% by the end of 2015
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Russiand Deputy Minister of Economic Development Alexey Vedev

Russiand Deputy Minister of Economic Development Alexey Vedev

© ITAR-TASS/Sergey Bobylev

MOSCOW, October 13. /TASS/. Russia’s Ministry of Economic Development does not expect inflation surge in December 2014 and does not plan to review its forecast of 7.5%, Deputy Minister of Economic Development Alexey Vedev told the State Duma on Monday.

“Despite the current bigger rate of price growth — about 8% — we are not changing our forecast and do not expect an inflation surge in December,” he said.

On Saturday, head of the Finance Ministry’s strategic planning department Maxim Oreshkin said the inflation in 2014 could be higher than forecasted, and even hit above 8%.

Deputy Minister of Economic Development Vedev explained growing prices by the sanctions. The ministry has changed the inflation forecast from 6% to 7.5% and “explains these 1.5% by consequences from the sanctions and the growing food prices,” Vedev said.

Next year, a certain inflation pressure will remain in the first quarter, he said, but the ministry forecasts the rate at 5.5% by the end of 2015.

Major drivers of the economic growth next year will be investments of state companies and natural monopolies, the deputy minister said. With those investments, the total capital investment will grow by 4%.

Another tendency of the coming year would be lower real income growth, the official said.

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