MOSCOW, October 2. /TASS/. Russia’s inflation will hit about 8% in 2014, Chairwoman of Russia's Central Bank (CBR) Elvira Nabiullina said.

“We discussed the target (for inflation) for a three-year period. It is obvious that we’ll fail to comply with it this year. In our estimates, inflation will be at around 8%,” Nabiullina said at an investment forum organized by Russia’s VTB Bank.

The Russian Central Bank keeps its plans for switching to the policy of inflation targeting, Nabiullina said.

The Russian Central Bank’s monetary policy guidelines set the inflation target at 5% in 2014, 4.5% in 2015 and 4% in 2016, with the permissible inflation deviation by no more than 1.5 percentage points from the targeted level.