Russia raises 2021 inflation forecast to 7.4% from 5.8%

MOSCOW, Oct 12 (PRIME) -- The Economic Development Ministry has raised the 2021 inflation forecast to 7.4% from 5.8%, Minister Maxim Reshetnikov told reporters on Tuesday.

"The events on the foreign and domestic food and non-food goods markets have forced us to adjust the inflation estimate for the year end," Reshetnikov said.

The food price inflation is the main contributor to the growth with an about 90% contribution.

"The main issues with food inflation are on the supply side. The Agriculture Ministry has elaborated the first priority proposals in order to widen the supply, and will announce them in few days," Reshetnikov said.

The official also said that the Economic Development Ministry was not discussing introduction of new export duties.

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