Central Bank Expects to Miss 6% 2013 Inflation Target

The Central Bank said Thursday that it expected inflation to be higher than 6 percent in 2013, missing its target band of 5 to 6 percent, Prime reported.

“At the end of the year, inflation will be roughly what the figures are showing. It is determined by one-off factors, not structural factors, and will be 6 percent and a little bit,” said Central Bank deputy chairman Ksenia Yudayeva.

The Central Bank was aiming for a 5 to 6 percent rise in consumer prices in 2013. Inflation in 2012 was 6.6 percent, which also missed the regulator’s target range for that year.

Despite government pressure to stimulate Russia’s flagging economy, the Central Bank has consistently prioritized bringing down inflation and has not changed interest rates since a slight increase in September 2012.