Russia to have 7.5-8 percent inflation in 2014, says Putin

Russia will have 7.5 percent-8 percent inflation this year, Russian President Vladimir Putin said at the VTB Capital investment forum, Russia Calling!

Russia will have 7.5 percent-8 percent inflation this year, Russian President Vladimir Putin said at the VTB Capital investment forum, Russia Calling!

"As for inflation, this will be around 7.5 percent-7.6 percent, approximately 8 percent for the year, which is in fact higher than the figure for last year, when it was 6.5 percent," he said.

"The reason is also clear - price growth for certain foodstuffs. But, and you all know this very well, this is an additional stimulus for us to develop our own agriculture," Putin said.

"And I'll add that monetary inflation is no higher than the 5 percent planned for the end of this year," he said.

The government's official 2014 inflation forecast is 7.5 percent.

Central Bank head Elvira Nabiullina said on Thursday that inflation for the year would be about 8 percent, and Economic Development Minister Alexei Ulyukayev said there was a "very high risk" that the 7.5 percent forecast would be exceeded.

Read more: No recession for Russian economy in 2014, says World Bank study>>>

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