Oreshkin: Russia's inflation this year may exceed forecast level

Russia's Economic Development Minister Maxim Oreshkin believes that consumer price inflation in Russia may exceed the forecast of 3.4% in 2018 due to exchange rate fluctuations.

"Concerning the approved forecast, the risks are obviously shifted upwards (on inflation)," PRIME cited the minister as saying. "Not very much, but shifted. Our course dynamics are developing above the forecast that was laid in August. There are clear reasons why this is happening – this is connected with global markets, with possible sanctions," the minister added.

"The rate in the part that affects inflation has already been largely formed. Even if the forecast for the rate can be fulfilled at the end of the year, it will not have a strong influence on this year’s inflation. Therefore, inflation will be higher than 3.4% that we have in the forecast," Oreshkin concluded.