"We are now oriented to 11-11.2%, which is slightly less than we expected," a deputy minister, Andrei Sharonov, said.
In early December, the ministry forecasted inflation would be 11-11.5%.
Sharonov also said the ministry would correct its GDP growth forecasts, but did not say when it would happen.
Earlier this month, the ministry said annual GDP growth would reach 6%, but Minister German Gref said after a meeting with the president Monday that the figure could be 6.4%.
According to the minister, inflation in Russia totaled 0.3% in the first 12 days of December, against 0.6% in the first fortnight of December 2004.
"So far, inflation is half the 2004 figure," Gref said. "Accrued inflation in the second half will be 3%."