MOSCOW, June 14 (UPI) -- An upcoming forecast may show Russia's inflation rate remains high, though it may be moderating, an official said Saturday.
Russian Finance Minister Alexei Kudrin made the comment in Osaka, Japan, where finance ministers from the G8 group of industrialized nations are meeting, RIA Novosti reported.
A new inflation estimate is due to be released in July.
"In July, we will issue a new forecast, it will be based on a comprehensive analysis," said Kudrin, who also serves as deputy prime minister.
Russia's current inflation forecast stands at 10.5 percent. Last year, inflation in Russia was 11.9 percent, up from 9 percent the previous year, the news agency reported.
The Russian economy is benefiting from high oil prices and the influx of cash has driven up prices, RIA Novosti reported.