Economic Development Ministry, Finance Ministry confident in achieving Russia's 2025 inflation forecast of 6.8%

MOSCOW. Oct 13 (Interfax) - The Economic Development Ministry and the Finance Ministry consider the inflation forecast for Russia in 2025 of 6.8% to be realistic, Economic Development Minister Maxim Reshetnikov and Finance Minister Anton Siluanov said at the State Duma's Budget Committee.

Annual inflation at the end of September slowed to 8% and will continue to decline, Reshetnikov said.

"We expect that, since last year there was a visible acceleration of inflation at the end of last year, and now we are in a different part of the curve, we are thereby calmly reaching 6.8% by the end of the year," he said.

"I would also add that if you look at [seasonally adjusted, annualized] inflation over the last 3-4 months, it is around 4%. If translated to the indicators by the end of the year, I also agree that the figure of 6.8% is quite achievable," Siluanov said in turn.

"Plus we see that the budget impulse is shrinking and the volume of the money supply from the budget is also decreasing. And the tightness of monetary policy allows us to say that monetary indicators will not grow, which will also affect inflation," Siluanov said.

Deputy Central Bank of Russia Governor Alexei Zabotkin in turn recalled that the Central Bank's July forecast for 2025 envisages inflation in the range of 6%-7%, and 6.8% falls within this interval.