Inflation in Russia expected to hit 12% mark in '15

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Inflation in Russia expected to hit 12% mark in '15 - minister

MOSCOW. Jan 31 (Interfax) - Russia's Economic Development Ministry on Saturday announced a revised forecast that puts this year's annual inflation at "close to 12%" compared with the previous projection of 7.5%, Minister Alexei Ulyukayev told reporters.

The revised inflation rate is part of an updated macroeconomic forecast submitted for Cabinet approval on Saturday.

A macroeconomic forecast for 2015 made by the ministry in September and still underlying the current 2015 budget set annual inflation at 5.5%. In December, the ministry revised the forecast, changing the anticipated inflation rate to 7.5%.