Nabiullina: inflation for 2015 may exceed 15%

Russia’s annual inflation rate for 2015 may hit 15% and then decrease, the head of the Central Bank of the Russian Federation Elvira Nabiullina said in an interview with Bloomberg TV.

"According to our forecasts, inflation will peak in the second quarter, and it may be slightly above current levels, then inflation will begin to decline," she said.
The jump in inflation "was brought about by strong pro-inflationary factors, first of all by the considerable weakening of the exchange rate of the ruble." This factor is limited by time and its force will gradually settle, Nabiullina believes.

"That's why there's no reason to talk about the inevitability of a rate increase," TASS cited her as saying.

The head of the Central Bank said that she sees no reason for the dollar rate to increase to 80 rubles. "I see no reason for such big jumps," she said.

According to Nabiullina's forecasts, if oil prices average near $50 a barrel, Russia’s gross domestic product will probably contract 3 percent to 4 percent this year. 

The regulator will issue its revised economic forecasts in March, she said.