11 Jun 2021 15:41

CBR expects inflation for 2021 to be above April forecast of 4.7-5.2%, but below current level

MOSCOW. June 11 (Interfax) - Inflation in Russia for 2021 will be above the Central Bank's April forecast, but below the current level, CBR Governor Elvira Nabiullina said during a press conference following the regulator's board meeting on Friday.

"According to our estimates, inflation for this year will be higher than we forecast in April, but lower than the current level. Due to the high base of H1 this year, annual inflation will return to the target in H2 next year," Nabiullina said.

As reported, in late April, the Bank of Russia raised its forecast for inflation in Russia in 2021 from 3.7-4.2% to 4.7-5.2%.

According to data of the CBR, inflation rose to 6% in May after 5.5% in April. According to estimates as of June 7, annual inflation had risen to 6.15%.