Russia's inflation rate passes 10 percent

Russia consumer prices showed the highest weekly gain since the start of the records in the week to Dec. 22, the data from the Federal Statistics Service said Wednesday.

According to the data, consumer prices gained 0.9% in a week—the highest weekly increase since 2008, when the service began publishing the figures.

This rise contributed to an increase in the inflation rate of 10.4% since the start of the year—twice as high as the government expected 12 months ago.

Russian officials expect inflation to pick up in the first half of 2015 before easing to about 10%, but the country’s former finance minister Alexei Kudrin said Monday inflation may reach 15% next year.

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