Russian Finance Minister Anton Siluanov said Thursday, Dec 12, that inflation could reach 6.4 percent this year, overshooting the central bank’s target of up to 6 percent, RIA Novosti reported.

“It [inflation] will be about 6.3 percent to 6.4 percent,” Siluanov said.

The central bank, which has control over interest rates used for fighting consumer price rises, sought to bring down inflation. But Russia has consistently failed to keep inflation within its target bands.

The central bank was aiming for a 5 to 6 percent rise in consumer prices in 2013. Inflation in 2012 was 6.6 percent, which also missed the regulator’s target range for that year.