Russia c.bank: Harder to count on 11 percent inflation

MOSCOW (Reuters) - The Russian central bank is still forecasting 2008 inflation of around 11 percent, but after higher than expected August data it is getting harder to count on this, first deputy chairman Alexei Ulyukayev said on Monday.

"We are counting on inflation around 11 percent. Now it is becoming harder to count on this, but we are still counting on it. Of course inflation of 0.4 percent in August upset us," Ulyukayev said at an interview at the Reuters Russia Investment Summit.

The central bank's inflation forecast is lower than the 11.8 percent estimate from the Economy Ministry, and compares to analysts' consensus of 13.0 percent.

"To cut down inflation is our most important task ... and we are ready to use the full arsenal of measures that we have available in order to lower inflation," Ulyukayev said, adding that this will include interest rate policy.

At 0.4 percent on the month, August's price rise was double what analysts had expected, despite seasonal deflation of fruit and vegetables.

"Statistically, most of the price increases came from meat," Ulyukayev said.

"If you look beyond statistics at causes ... perhaps the weakening of the rouble is playing a part, but it's too soon to draw conclusions."

The rouble has weakened by around 3.5 percent against its basket of 0.45 euros and 0.55 dollars from a peak set in early August.

(Reporting by Yelena Fabrichnaya and Toni Vorobyova; Editing by Paul Bolding)