June 15, 2019 / 3:12 PM / in a month

Russia's Oreshkin says central bank's new 2019 inflation forecast too high

FILE PHOTO: Russia's Economy Minister Maxim Oreshkin attends a session during the Week of Russian Business, organised by the Russian Union of Industrialists and Entrepreneurs (RSPP) in Moscow, Russia March 14, 2019. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Russian Economy Minister Maxim Oreshkin was cited by news agencies as saying on Saturday that the central bank’s new inflation forecast of 4.2%-4.7% for 2019 seems too high.

The central bank on Friday lowered its inflation forecast for this year from a previous range of 4.7%-5.2%, while cutting its main interest rate to 7.50% from 7.75%.

The economy ministry expects the annual inflation rate to be below 4% by the end of the year, Oreshkin said on Thursday.

Reporting by Andrey Kuzmin; Editing by Hugh Lawson

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