Current situation on fuel market significant factor for Russia's macroeconomic forecast - Economic Development Minister

CHOLPON-ATA. Aug 6 (Interfax) - Russia's Economic Development Ministry is currently preparing a new three-year macroeconomic forecast [usually scheduled for presentation in early September], and the current situation on the domestic fuel market is a significant factor affecting the overall picture, Economic Development Minister Maxim Reshetnikov told reporters on the sidelines of the Eurasian Intergovernmental Council meeting in Kyrgyzstan.

"The Economic Development Ministry is currently working on a socioeconomic development forecast," Reshetnikov noted.

"We are certainly factoring in all key macroeconomic parameters, including the current situation in the fuel market. This is one of the significant factors that directly affects the overall picture," Reshetnikov said in response to whether the Economic Development Ministry would revise its inflation forecast for the end of this year given the fuel price situation.

As reported, , the Central Bank in July raised its inflation forecast for Russia to 6%-7% in 2026 from 4.5%-5.5%, estimating the overall effect of rising fuel prices for the year at around 1.5 percentage points.

"The secondary effects of rising fuel prices will primarily manifest themselves in 2026. The total contribution of direct and indirect effects of rising fuel prices to annual inflation is estimated to not exceed 1.5 percentage points," the Central Bank noted in its summary of the key rate discussion.

The Economic Development Ministry's April forecast for inflation in Russia in 2026 is 5.2% and will likely be raised during revision in September.