Inflation May Hit 2.4% in January

Russian consumer prices will probably rise more in January than in the same period a year earlier, the State Statistics Service said Wednesday.

Prices may rise by 2.4 percent this month after advancing 0.8 percent in the week through Jan. 26, the service said. Inflation in January last year was 2.3 percent, according to the service.

"January and February will be months of heightened inflation," Maxim Oreshkin, head of research at Rosbank, said Wednesday.

Russia's inflation rate may be 13 percent this year because of the devaluation, which has increased the price of imports, forcing the government to reconsider its 11 percent forecast, Finance Minister Alexei Kudrin said on Jan. 19.

Price rises were led by sugar and tea, which increased 6.5 percent and 1.5 percent in the week, respectively. That means that annual inflation is likely to increase from 13.3 percent in December to 13.4 percent this month, Oreshkin said.