Russian Econ Ministry standing by 7.6% inflation forecast for 2025, could adjust to below 7% if current trend persists - govt

MOSCOW. July 18 (Interfax) - Inflation in Russia is slowing, but the Economic Development Ministry's forecast of 7.6% for the year still stands and could be revised to less than 7% if current the current trend persists, the government said in a statement following a meeting on the current economic situation chaired by Deputy Prime Minister Alexander Novak.

The meeting mentioned that the ruble continued to strengthen while inflation has slowed: in May it was 9.9%, falling to 9.4% in June and to 9.34% on July 14 in annual terms.

"The Economic Development Ministry maintains its inflation forecast for 2025 at 7.6%, but this could be adjusted to below 7% if the current dynamics are maintained," the government said, reiterating expectations first aired following a similar meeting chaired by Novak in mid-June.

Following the meeting, Novak asked ministries and agencies "to continue to monitor the situation in the areas they are responsible for closely and, if necessary, take action to improve the situation and submit the relevant proposals to the government."