Russian econ min sees risks of 2014 inflation overshooting 7.5%

MOSCOW, Oct 27 (PRIME) -- Russia’s Economic Development Ministry sees serious risks of inflation exceeding the 2014 target of 7.5%, as the ruble’s devaluation has already contributed no less than 2 percentage points to price rises, Oleg Zasov, director of the ministry’s macroeconomic forecasts department, told reporters Monday.

“According to our estimations, the contribution (of the devaluation) to inflation is about 1.5-2 percentage points in annual terms. This also depends on the period. Currently the contribution is no less than 2%,” Zasov said.

Earlier on Monday, Deputy Economic Development Minister Alexei Vedev said the country’s gross domestic product (GDP) grew 0.4% in September and 0.8% in January–September, while seasonally adjusted GDP remained flat in April–September.

On October 24, Economic Development Minister Alexei Ulyukayev said inflation may significantly exceed 8% in 2014.

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