Finance Ministry sees Russia’s inflation at 12.2% in 2015

MOSCOW, Sep 18 (PRIME) -- The Finance Ministry expect Russia’s inflation to reach about 12.2% in 2015, Minister Anton Siluanov said at a meeting in the State Duma, the parliament’s lower house, on Friday.

“This year we expect inflation to stand at around 12.2%,” he said.

The central bank cannot cut the key rate amid current inflation expectations, Siluanov said. “If the central bank cuts rates, it will push inflation higher, and we must not allow this,” he said.

The central bank recently worsened the inflation forecast for 2015 to 12–13% from 10.8%.

The Economic Development Ministry forecasts inflation at 11.9% this year, but Minister Alexei Ulyukayev said earlier in September that inflation may exceed 12%.

Consumer prices in Russia stood at 0.4% in August and 9.8% in January–August. Annual inflation sped up to 15.8% in August from 15.6% in July.

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