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    Russia’s 2014 Inflation Hardly Less Than 8.5%: Minister

    © RIA Novosti . Vladimir Astapkovich
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    According to Russia's economic development minister, Russia's inflation rate in 2014 will unlikely be less than 8.5 percent.

    MOSCOW, November 8 (RIA Novosti) — Contribution to inflation by the ruble's depreciation is about 4 percentage points, Russian Economic Development Minister Aleksei Ulyukayev said Saturday.

    "The devaluation of the ruble affects [the inflation] both directly and unequivocally. If we have in the currency basket devaluation already in the amount of 35 percent, and more than 40 percent for the dollar, it means we will have to pay for that 4 percentage points of inflation on the consumer price index this year," Ulyukayev told reporters.

    Ulyukayev also said that inflation in 2014 will hardly be less than 8.5 percent, Russian Economic Development Minister Aleksei Ulyukayev said Saturday.

    According to him, the "acute" period will arrive between February and March, 2015 after which a slowdown will be observed in consumer prices.

    The weakening of the ruble spiked this week after the Central Bank announced on November 5 it had dramatically reduced its support for the national currency pursuing the transition to the so-called "free floating" currency exchange policy.

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    inflation, economy, Alexei Ulyukayev, Russia
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