Russia's Central Bank Sees Inflation Peaking in June

By Reuters

June 19, 2014

Russia's Central Bank expects consumer price inflation to peak at between 7.7 percent and 7.9 percent in June before slowing to 6.8-7.0 percent by September, according to a policy document published this week.

The inflation rate is significantly higher than the Central Bank's target of a 5 percent rise in consumer prices, with the increase spurred by a weaker ruble and an asset sell-off on emerging markets earlier this year.

The bank also said it expected quarterly GDP growth to come in at around zero for the second quarter, excluding seasonal factors.

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