Russia's Peak Inflation Expected in Q1-2015: Central Bank Official

MOSCOW, December 1 (Sputnik) – Inflation in Russia is expected to peak in the first quarter of 2015 and will reach approximately 10 percent, Russian Central Bank first deputy director Kseniya Yudayeva said Monday.

"The peak in inflation has not yet been hit, this will happen in the first quarter of 2015, and according to our estimates, the growth in prices will be close to 10 percent," Yudayeva said at a meeting on regional policy issues.

Yudayeva added that though Russia's economic situation is complicated, it is not critical.

"The economic situation is complicated, but not critical. There is a range of factors, including oil prices, that is pushing Russia to diversifying its economy," she said.

Earlier on Sunday, Russian Economic Development Minister Alexey Ulyukaev said inflation in Russia for 2014 will most likely be over 9 percent. According to an earlier forecast released in September, inflation was expected to reach 7.5 percent.

The European Commission"s forecast, published on November 4, suggests that inflation in Russia will remain elevated in 2015 and will fall to 6 percent only in 2016.

In recent months, Russia's economy has been showing signs of a minor slowdown due to the current geopolitical tensions over situation in Ukraine and the continuing decline in oil prices.