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Russia’s budget deficit will be larger than 0.6% of GDP in 2015, Russian Finance Minister Anton Siluanov said

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24.12.2014

MOSCOW, December 25 (TASS) -- Russia’s inflation in 2014 will hit 11.5%, the country’s Finance Minister Anton Siluanov told the upper house of parliament, the Federation Council, on Thursday.

“Unfortunately, this year inflation has been growing,” Siluanov said. “It is most likely to reach 11.5%, maybe higher, this year,” he said.

Russia’s state statistics service, Rosstat, reported on Wednesday that the country’s inflation soared to a record 0.9% in the week of December 16-22 and reached 10.4% since the start of the year. This is the highest rate since the economic crisis of 2008.

Russia’s consumer prices have risen by as much as 1.7% since early December, Rosstat said. Considering the corresponding data for the last year, inflation grew at an annual rate of 10.5% as of December 22, above the Central Bank’s most conservative scenario of 10.1%.

Tass

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