Russian Ministry of Economic Development raises national inflation forecast for 2021 to 7.4%

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The Russian Ministry of Economic Development has raised the national inflation forecast for 2021 to 7.4% from 5.8%, with food inflation mainly contributing to the surge in prices, Economic Development Minister Maxim Reshetnikov said on Tuesday.

MOSCOW (UrduPoint News / Spoutnik – October 12, 2021) The Russian Ministry of Economic Development has raised the national inflation forecast for 2021 to 7.4% from 5.8%, with food inflation mainly contributing to the surge in prices, Economic Development Minister Maxim Reshetnikov said on Tuesday.

“Events related to external and internal prices of food and goods have made it necessary to revise our estimates of annual inflation,” Reshetnikov said at a briefing, noting that food inflation is the main contributor.

The most important factors are the soaring prices of fruits and vegetables and the accelerated rise in meat prices, the minister said.

“Taking these factors into account, we improved our inflation forecast by 1.6 percentage points to 7.4%, Reshetnikov said.

The 2022-2024 forecasts related to inflation and other parameters that generate the budget remain unchanged, according to the minister.

“In 2022, we expect inflation to return to the target level of 4%,” Reshetnikov added.

In 2021, Russia’s GDP is expected to grow by 4.2 percent, the Minister of Economic Development noted.


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