Inflation in Russia at the end of 2021 is likely to be closer to the upper limit of the forecast range of 7.4-7.9%. Kirill Tremasov, director of the monetary policy department of the Bank of Russia, told reporters.

“Our baseline forecast assumes inflation at the end of the year at 7.4-7.9%. So far, we see that we are moving closer to the upper limit of this forecast,” he said.