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Risks for assessment of inflation in Russia in 2021 remain - Economic Development Minister

Economic Development Minister Maxim Reshetnikov stressed that his ministry’s current forecast for inflation of 5.8% by the end of 2021 is slightly higher than the minimum level in the baseline scenario of the Bank of Russia

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

"External risks for assessing inflation for the current year are still there [such as] the resumed growth of world food prices at the end of August, as well as higher global inflation. We also see quite high levels [of inflation] in the 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 higher than the minimum level in the baseline scenario of the Bank of Russia.

"Our forecast until the end of the year is based on the assumptions of the stable ruble, ongoing seasonal decline in prices for vegetables and fruits due to normal crop estimates by the Agriculture Ministry, stabilization of gasoline prices, as well as the efficient operation of damping mechanisms that we launched this year on food markets," Reshetnikov added.

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

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