Russia, China veto UN Security Council resolution on sanctions against SyriaWorld February 28, 19:54
Gazprom to invest $1.7 bln in development of Kyrgyzstan’s gas supply system — PutinBusiness & Economy February 28, 19:29
Russian Foreign Ministry urges UN to influence Kiev to implement Minsk dealRussian Politics & Diplomacy February 28, 18:50
Russian, Turkish presidents to discuss purchase of S-400 systems — Erdogan’s adviserMilitary & Defense February 28, 18:43
Russian drone can reconnoiter targets at 500-meter altitude during 20 minutesMilitary & Defense February 28, 18:31
Expert warns US may quit arms reduction treaties, resume nuclear tests under TrumpWorld February 28, 17:45
Ex-Finance Minister Kudrin says oil price may slide below $55 per barrel in year’s timeBusiness & Economy February 28, 17:31
Russian Bandy Federation penalizes two clubs for bizarre own-goals matchSport February 28, 17:31
Two lion cubs discovered in Moscow’s industrial districtSociety & Culture February 28, 16:55
MOSCOW, December 25. /TASS/. Russia’s inflation in 2014 will hit 11.5%, the country’s Finance Minister Anton Siluanov told the upper house of parliament, the Federation Council, on Thursday.
“Unfortunately, this year inflation has been growing,” Siluanov said. “It is most likely to reach 11.5%, maybe higher, this year,” he said.
Russia’s state statistics service, Rosstat, reported on Wednesday that the country’s inflation soared to a record 0.9% in the week of December 16-22 and reached 10.4% since the start of the year. This is the highest rate since the economic crisis of 2008.
Russia’s consumer prices have risen by as much as 1.7% since early December, Rosstat said. Considering the corresponding data for last year, inflation grew at an annual rate of 10.5% as of December 22, above the Central Bank’s most conservative scenario of 10.1%.
Earlier this week, Russia’s former finance minister, Alexey Kudrin said Russia’s inflation may hit 12-15% next year.
Russia’s budget deficit will be larger than 0.6% of GDP in 2015, Siluanov said. “Obviously, with smaller revenues and unchanged basic expenditures, we’ll propose deciding on tighter priorities next year,” he added.
“The planned deficit of 0.6% of GDP will be considerably larger,” the finance minister said. Russia’s policymakers will draft measures to lower interest rates for systemically important sectors, Siluanov noted.
As budget revenues are expected to decline next year, the government will have to use the Reserve Fund and increase the budget deficit, the finance minister said. “But the main thing is that we should use the next year to take necessary decisions on improving and balancing the budgets of 2016-2017 and subsequent years,” Siluanov said.
“One year with a deficit is not a frightening thing. The most important thing is to bring our commitments in line with our new possibilities,” the finance minister said.