16 Sep 2020 15:01

Economic Development Ministry sees no substantial inflationary risks in medium term - Reshetnikov

MOSCOW. Sept 16 (Interfax) - Inflation in Russia in 2020 is expected at a level of 3.8%, and there are no substantial inflationary risks in the medium term, Economic Development Minister Maxim Reshetnikov said while presenting a revised macroeconomic forecast at a government meeting on Wednesday.

"On the forecast horizon, we see no substantial inflationary risks. Consumer price growth as of the end of 2020 are estimated at a level of 3.8% year-on-year. Moderate growth in annual inflation will be facilitated by recovery in consumer demand and deferred indexation of regulated prices and fees in a number of regions. They have shifted somewhat into H2. Going forward, we expect inflation near the target level of the Central Bank of Russia (CBR) [4%]," the minister said.

The Economic Development Ministry raised the Russian inflation forecast for 2020 to 3.8% from 3.5% in the preceding June version of the forecast. The inflation forecast for 2021 was lowered from 4% to 3.7%, while the forecast for 2022 and 2023 was left unchanged at 4%.