Russia could have 1.2%-1.4% inflation in July according to the Ministry of Economic Development

 Russia could have 1.2-1.4% inflation in July, Deputy Economic Development Minister Andrei Klepach told reporters.

"Given the tariff increase, [inflation will be] 1.2% or perhaps 1.4%," Klepach said. Inflation would have been as the Econ Ministry forecast at the start of July if not for the tariff hikes, he said. Klepach said the ministry had a preliminary inflation forecast for August, which he did not disclose, saying it would be adjusted.

The 2012 inflation forecast is around 6%, and will also be adjusted, Klepach said. "It might be a little higher," he said.

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