Russian Economic Development Ministry Slams 'Speculative' Inflation Reports

Russian Economic Development Ministry Slams 'Speculative' Inflation Reports

MOSCOW (UrduPoint News / Sputnik - 01st March, 2021) The Russian Ministry of Economic Development said on Sunday that it regularly monitors the fluctuation of global prices and their impact on the domestic market, which renders the reports slamming inflation in Russia speculative.

Bloomberg recently published an analysis where it teams Russia up with countries which it forecast to experience the worst spikes in prices on consumer goods. These also include Brazil, Turkey, India and Nigeria.

"Such analytics are speculative in nature.

Rosstat and the Economic Development Ministry, together with the Federal Tax Service, conduct an operational monitoring of consumer prices that allows for detecting the changes and the impact of rising global prices on the domestic ones in a timely manner," the ministry said.

The ministry also stressed that reducing the dependency of domestic prices on the global dynamics was among the Russian government's focuses, along with "targeted measures to support regional manufacturers."