Russia’s central bank expects inflation to exceed 6% in 2013

PanARMENIAN.Net - Russia’s central bank said Thursday, Nov 28, that it expects inflation to be higher than 6 percent in 2013, missing its target band of 5 to 6 percent, RIA Novosti reported.

“At the end of the year inflation will be roughly what the figures are showing. It is determined by one-off factors, not structural factors, and will be 6 percent and a little bit,” said central bank deputy chairman Ksenia Yudaeva, Prime news agency reported.

The central bank was aiming for a 5 to 6 percent rise in consumer prices in 2013. Inflation in 2012 was 6.6 percent, which also missed the regulator’s target range for that year.

Despite government pressure to stimulate Russia’s flagging economy, the central bank has consistently prioritized bringing down inflation and has not changed interest rates since a slight increase in September 2012.