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. Last Updated: 07/27/2016

Inflation Forecast Down

MOSCOW () -- Monthly inflation in June is forecast at 6.8 percent, down from May's 7.9 percent, Deputy Central Bank Chairman Alexander Khandruyev said Thursday.

Tight monetary policies have cut inflation from a January peak of 17.8 percent a month. But the rate, fueled by money supply growth in an effort to brake the rise of the ruble, is well above earlier government projections.

Finance Minister Vladimir Panskov conceded Thursday that inflation was still too high to switch to longer-term domestic borrowing, Interfax reported.