Russian inflation could reach 15pc in 2009

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MOSCOW, Dec 28 (AFP): Inflation in Russia could climb as high as 15 per cent in 2009 depending on oil price levels, Russian Finance Minister Alexei Kudrin told Vesti-24 television yesterday.
"This year (2008), inflation could reach between 13.5 and 13.8 per cent," Kudrin said. "With (annual) growth of 2.4 per cent and a price of 50 dollars per barrel, inflation will reach 11 per cent in 2009.
"(But) if the price per barrel is lower, at 30 rather than 50 dollars, inflation will be higher and could reach 15 per cent," he added.
At the start of December, Russian Prime Minister Vladimir Putin said 2008 inflation would level out at 13 per cent over the course of the year-up from 11.9 per cent across 2007.
Kudrin also said the outlook for the ruble was unlikely to improve much from Friday's three-year low against the dollar, at 29.0058 rubles per dollar.