Moscow (AFP) – Inflation in Russia could hit 17 percent this year, the deputy economy minister said Wednesday, as the ruble suffers on the back of slumping oil prices. “Peak inflation will come in March-April when year-on-year inflation could reach 15 to 17 percent,” Alexei Vedev was quoted as saying by the state-run TASS news agency.Official inflation has already topped 11 percent as the ruble has been hit hard by tumbling oil prices and Western sanctions over the conflict in Ukraine. Russia’s national currency has lost some 16 percent against the dollar since the start of the year after plummeting …read more
Source: Business Insider
