Russia’s inflation to surpass official forecast

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SOCHI, February 14. /TASS/. Russia’s inflation in 2019 will be higher than the official forecast of the Economic Development Ministry at 4.3%, but will remain below 5%, Economic Development Minister Maxim Oreshkin told reporters on the sidelines of the Russian Investment Forum.

Earlier, the Ministry’s forecast stated that inflation in Russia in 2019 will be below 5%, while maintaining the current ruble exchange rate.

“We will now clarify all macroeconomic indicators. Of course, some things can change,” Oreshkin said. The Minister said that the level of inflation in Russia for the year will be higher than the current forecast of 4.3% but lower than 5%, answering a question.

Earlier the Ministry said that inflation in Russia was expected to reach 0.5-0.6% in monthly terms in February 2019, and to accelerate to 5.2-5.4% in annual terms. Meanwhile, the Ministry suggested that inflation would slow down to below 5% by the end of 2019 if the ruble’s exchange rate remains stable.

In January 2019, inflation amounted to 1% in monthly terms, below the ministry’s projections, while in annual terms it reached 5%, according to the note.

In 2018, inflation in Russia accelerated to 4.3% against 3.2% projected by the ministry in August. According to its official outlook, inflation is expected to total 4.3% by the end of 2019.

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