CBR could lower key rate more aggressively, inflation could be below 11.9%
BRUSSELS. May 19 (Interfax) - Inflation in Russia could be below the official 11.9% forecast this year, Economic Development Minister Alexei Ulyukayev told reporters in Brussels.
The government's position at the Central Bank's most recent rate-setting meeting was that the regulator could be lowering its key rate "more aggressively," he said.
"There are chances that inflation will be below 11.9%," he said.
The Economic Development Ministry has not yet altered its official 2015 inflation forecast. "For the time being we are standing by our official 11.9% forecast. It's all very hypothetical, it all depends on the ruble's exchange rate, on food prices," he said.
Commenting on statements by Finance Ministry officials that inflation for the year might be lower than 11%, Ulyukayev said: "I don't think there are many grounds for this."
First Deputy Prime Minister Igor Shuvalov said on Friday that the Central Bank's decision on April 30 to lower its key rate from 14% to 12.5% was not in line with the government's own position. The Central Bank could have lowered the rate "more aggressively," Shuvalov said.