Updated 01:37 a.m. Moscow Time
WASHINGTON, October 11 (RIA Novosti) - The consumer price inflation in Russia will pass its peak only in early 2015 due to depreciation of the ruble, Maksim Oreshkin, head of Russia's Finance Ministry's strategic planning department, said Friday.
"The inflation will get over its peak early next year," the official said.
The Russian Finance Ministry said earlier it expected consumer prices in Russia to start climbing down before the end of this year.
"That's what we said, and it's now clear what caused this mistake," Oreshkin told journalists in Washington.
"First of all, the reason is that we underestimated food prices dynamics. Another factor that will bump up the inflation rate is linked to the second wave of ruble depreciation that we did not include in the baseline scenario in mid-2014," the Russian finance ministry's official explained.
"Inflation will exceed 7.5 percent," he said, adding that it could stand at more than 8 percent.
Over the past months, the West has been trying to damage Russia's economy by implementing several rounds of sanctions against it over Moscow's alleged role in Ukrainian crisis. The measures target the country's largest banks, energy and defense companies, as well as some individuals.
As a result, Russia's economy showed a minor slowdown. Inflation rates are expected to increase by 1 percent for the end of 2014.