The Russian Ministry of Economy is increasing its 2008 inflation forecast in a new economic development document that will be considered by the government Thursday, the news agency Interfax reported late Monday citing an unnamed government source.
The ministry has raised its inflation forecast to between 9% and 10.5% for the current year from 9%-10%, while leaving the forecast for prices in 2009-2011 unchanged, the agency said.
Separately, the economy ministry has increased its 2008 average price forecast for Russia's benchmark Urals crude oil blend to $92 a barrel from $90 a barrel. The ministry last raised its Urals price forecast in April.