MOSCOW, July 7 (RIA Novosti) - Andrei Klepach, director of macroeconomic forecasts at the Russian Economic Development and Trade Ministry, told reporters on Wednesday that inflation would not exceed 10% by the year's end.
"In June, inflation was 0.8%, by the year's end it is unlikely to exceed 10% or 10.5%. A lot depends on August when prices go down," said Mr Klepach.
At the moment, the ministry is basing its inflation forecast on the assumption that August will see deflation, according to Mr Klepach.
In June, inflation was 0.8% and it reached 6.1% over the past 6 months (against 7.9% over the same period last year), reports the State Statistics Committee. The Economic Development Ministry believes price advance will be within 8-10% in 2004.
