The risks of assessing inflation in Russia in 2021 remain – Minister of Economic Development – Business and Economy

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MOSCOW, September 22. / TASS /. Russia’s Economic Development Ministry still considers external risks to be relevant in assessing inflation in the country this year, Economic Development Minister Maxim Reshetnikov said at a government meeting.

“The external risks to assess inflation for the current year are still there [such as] the resumption of global food price growth at the end of August, as well as higher global inflation. We also see fairly high levels [of inflation] in partner countries, ”Reshetnikov said.

The minister stressed that his ministry’s current forecast for inflation of 5.8% by the end of 2021 is slightly above the minimum level of the Bank of Russia’s baseline scenario.

“Our forecast through the end of the year is based on the assumptions of a stable ruble, a continued seasonal decline in vegetable and fruit prices due to normal harvest estimates from the Ministry of Agriculture, the stabilization of gasoline prices, as well as the efficient functioning of depreciation mechanisms that we have launched this year in the food markets, ”added Reshetnikov.

On September 15, Economic Development reported that weekly inflation in Russia from September 7 to 13 slowed to 0.04% from 0.07% a week earlier. According to the results of the report week, annual inflation in Russia stood at 6.84%, the ministry added.

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