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. Last Updated: 07/27/2016

CB: Inflation Target on Track

Central Bank chief Sergei Ignatyev said Wednesday that inflation forecasts remained on target, but the IMF said oil dollars and reduced capital flight would make it hard to curb price rises.

"I think ... we will be able to keep December year-on-year inflation under 12 percent," Ignatyev told an economic conference.

Earlier this week, the Central Bank said consumer prices could overshoot the 2003 budget target, with a 13 percent to 13.5 percent rise, unless the government tightened fiscal policy and put windfall oil revenues in a reserve fund.

John Odling-Smee, director of the International Monetary Fund's second European department, praised efforts at absorbing oil dollars, but said circumstances could work against maintaining the inflation target.