Economic Development Ministry's estimate for inflation in Russia in 2026 close to Central Bank's forecast - minister

VLADIVOSTOK. Sept 3 (Interfax) - The Economic Development Ministry's estimate for inflation in Russia in 2026 is close to the Central Bank of Russia's forecast (6%-7%), and the ministry will update its April macro forecast within the established timeframe (in mid-September), Economic Development Minister Maxim Reshetnikov told Interfax on the sidelines of the Eastern Economic Forum.

"Preparation of the macro forecast is being finalized, the document will be presented within the established timeframe [in mid-September]," the minister said.

"Our estimates for inflation in 2026 are close to the Central Bank's forecast," Reshetnikov said in response to a question about the Economic Development Ministry's new forecast for inflation in 2026.

As reported, the Central Bank expects inflation in Russia in 2026 in the range of 6%-7%. The April forecast of the Economic Development Ministry assumed inflation in 2026 at 5.2%, but in September it is clear that it will be raised.

As reported, according to Rosstat data, prices rose 4.67% from the beginning of the year to August 31. Annual inflation by August 31, according to the Economic Development Ministry's estimate, rose to 6.32% from 5.98% at the end of July. Rosstat will publish exact annual inflation figures for the end of August on September 11.

Both the Central Bank and the Economic Development Ministry forecast inflation at 4% in 2027.

The consensus forecast of economists polled by Interfax in early August for inflation in 2026 is 6.6% (up from 5.7% in the early July poll), and it is 4.7% for 2027 (4.6% in the poll a month earlier).