Updated 12:25 p.m. Moscow Time
MOSCOW, October 2 (RIA Novosti) – The growth in Russian consumer prices for the end of 2014 is forecasted to be approximately eight percent, Central Bank head Elvira Nabiullina said Thursday.
“It’s already obvious that we will not reach our goal on inflation this year; according to our assessments, inflation will be around 8%,” Nabiullina said during the Russia Calling investment forum in Moscow.
Earlier, Russia expected a seven-percent inflation rate for 2014.
On September 25, Russian Prime Minister Dmitry Medvedev said that the 2014 target for inflation, which was at 7 percent, would be exceeded.
The report on the Russian economy by the World Bank on September 24 predicted an eight percent level of inflation with further slowing down to six to seven percent in the next year.
The economy of Russia has been affected by the sanctions imposed by the Western countries, including the United States and the European Union, over the Ukrainian crisis.