Bank of Russia raises inflation target for next year to 5%

Bank of Russia

The Bank of Russia has raised its inflation target for 2014 from 4.5% to 5% after an expected increase in the price of regulated services – including gas, electricity and railways – next year prompted a revision of its macroeconomic forecast.

Hitting the old target under such circumstances "would require tighter monetary policy in the short term than initially planned", which could weigh on economic growth, the bank said in a statement.

But it also stressed that allowing inflation to overshoot c

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