Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Kudrin: Inflation To Slow to 1.6%

Consumer price inflation is likely to slow to 1.6 percent in March after 2.3 percent in February and 2.8 percent in January, local news agencies quoted a top government official as saying Thursday.

Deputy Prime Minister and Finance Minister Alexei Kudrin told reporters that high inflation in the first two months of the year was due to seasonal factors.

The State Statistics Committee said last week inflation would fall to 1.7 percent to 2.0 percent in March if current price trends continued. Kudrin said the government might revise its earlier 12 percent to 14 percent forecast for 2001 annual inflation, but gave no details.

"So far, I cannot even say in what direction it may be revised, but it will not change main budget parameters, revenue and spending," Interfax quoted Kudrin as saying.

Poul Thomsen, a senior representative of the International Monetary Fund in Moscow, said that earlier the government's 2001 inflation target of 12 percent was ambitious.