Econ Ministry's forecast for 2016-2017 inflation 50 basis points too high - MinFin
MOSCOW. Aug 27 (Interfax) - Russia's Finance Ministry believes the Economic Development Ministry's forecast for inflation in 2016-2017 is around 50 basis points too high, Deputy Finance Minister Alexei Moiseyev told journalists on Wednesday.
"It seems to us that inflation in 2016-2017 is a little high. We think it will fall faster given Central Bank's policy aimed at inflation targeting. Inflation has been overestimated by somewhere around 50 basis points," he said.
"As a result of somewhat higher prices for oil, the growth rate of the economy has been overestimated somewhat," Moiseyev added.
The Economic Development Ministry's forecast for inflation is 4%-5% for 2016 with a target of 4.5%. In addition, the forecast for 2017 was lowered to 3.5%-4.5% with a target of 4% from 3.8%-4.8% with a target of 4.3%.
