Sergei Ignatyev told a banking conference in Russia's second city that the base rate of inflation since January 1 was 3.6%, against 4% in the same period last year.
In a forecast for the country's socioeconomic development in 2007-2009 approved Wednesday by the Russian government, the inflation target was raised by 0.5% to 8-9% in 2006, 6.5-8% in 2007, 4.5-6% in 2008 and 4-5.5% in 2009.
Finance Minister Alexei Kudrin said earlier the target for next year would be met if oil prices remained at the current level of $65 per barrel, but was cautious about what lay in store should prices suddenly rise.
"If the price leaps to $80, as experts forecast, we will have higher rates of inflation and ruble appreciation," Kudrin said, adding that this scenario was possible as OPEC was increasingly concerned about the tough line being taken by the United States against oil-rich Iran over its controversial nuclear program.
Ignatyev also said the CBR had lowered its forecast for growth of the ruble to 7-8% in 2006.
"The real ruble growth will be 7-8%, most likely 8%," he said.
The CBR's monetary policy guidelines projected the ruble's real growth rate at 9% in 2006.
