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Ministry raises August inflation forecast

August 16, 2013, 16:24 UTC+3
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MOSCOW, August 16 (Itar-Tass) - Russia's Ministry for Economic Development has raised its forecast for inflation in August to 0.2%, the ministry’s weekly report said. Its previous forecast was 0.1%.

The ministry also raised its inflation forecast for January-August to 4.4-4.6%, against the earlier forecast of 4.4-4.5%.

Annual inflation is now expected to reach 6.5%, edging up 0.1% against the previous estimate. Ministry officials say inflation in January-July was 4.4%, while the rate in July was 0.8%. Last year, inflation was 4.6% from the beginning of the year, and 0.1%in August.

The Federal Agency for State Statistics says prices in August have risen 0.1% , but growth stopped from August 6 to 12, showing zero inflation. Consumer prices have increased 4.5% this year, it said.

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