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Russia’s inflation to exceed 2014 target, rise above 7%

September 25, 2014, 12:43 UTC+3
Russia's Central Bank chief Elvira Nabiullina on Thursday said inflation may exceed 7.5% in 2014 due to unforeseen factors
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© ITAR-TASS/Mikhail Japaridze

MOSCOW, September 25. /ITAR-TASS/. Russia’s inflation will exceed the target for this year set at 7%, Prime Minister Dmitry Medvedev said on Thursday.

“Inflation will total over 7% this year, which is higher than planned,” Medvedev said.

Russia's Central Bank chief Elvira Nabiullina on Thursday said inflation may exceed 7.5% in 2014 due to unforeseen factors.

Nabiullina made this statement at a government meeting while presenting the guidelines for the single state monetary policy in the next three years.

It is obvious already now that inflation in 2014 will exceed the 5% target and may even “be higher than 7.5%,” the Central Bank chief said.

“Inflation has accelerated noticeably at present under the impact of mostly external and unforeseen factors,” Nabiullina said.

“It is already obvious that the 5% target set for 2014 cannot be achieved. In our estimate, inflation will stay at 7.5% or even higher. Nonetheless, we suggest we should not change the targets set by us for 2015 and 2016, even though there are risks that they will not be achieved,” Nabiullina said.

The Central Bank chief earlier said that unforeseen factors could contribute about 1.5 percentage points to inflation in 2014.

The Central Bank presented in September three scenarios of Russia’s macroeconomic development in the next three years. The baseline scenario envisages inflation at 4.5-5% in 2015, 3.7-4.2% in 2016 and 3.7-4.2% in 2017.

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