OREANDA-NEWS. December 18, 2008. The 2009 baseline development scenario for the Russian economy projects inflation at 11%, Deputy Economic Development Minister Andrey Klepach said commenting on the ministry’s revised forecast that was addressed Wednesday at a meeting devoted to economic issues with the Russian President. The government’s previous inflation forecast for 2009 was 7-8.5%.

 Based on CBR estimates, 2008 inflation in the Russian Federation is expected at 13%, while the Ministry of Economic Development projects inflation at 13.3-13.5% vs. 11.9% in 2007. From January 1 through December 15 the consumer price index grew 12.9%. As Economic Development Minister Elvira Nabiullina said Wednesday after a meeting with the President, the 2009 baseline development scenario for the Russian economy puts the annual averageprice of Urals at USD 50 a barrel. With crude prices expected at this level the country’s gross domestic product is expected to rise 2.4% with a 3% reduction in industrial output. In addition, as Nabiullina said, the ruble’s annual average exchange rate is projected at RUB 30.8-31.8/\\$ in 2009.