Inflation rate in Russia may reach 7.7% in 2014 — finance minister

The inflation rate in Russia may reach 7.5-7.7% in 2014, Finance Minister Anton Siluanov told reporters on the sidelines of the Sochi International Investment Forum on Friday.
“We plan the inflation rate at about 7.5-7.7% this year. First and foremost, this is caused by a higher price of the consumer basket,” he said.
The inflation rate is planned at about 5.5-6% next year, the finance minister said.
“We do not raise budget expenditures, we do not intend to provide monetary financing. Therefore, from the point of view of financial authorities and government we will not push up the inflation. The draft budget is developed to have the minimal deficit and a tough monetary policy,” the minister said.