Year-on-year inflation between June 2006 and this June stands at 8.5 percent, against the total 9 percent in 2006.
Photo: Pavel Solov
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Inflation at 5.7 Percent in Jan.-June – Central Bank
Inflation in Russia in the first half of 2007 came to 5.7 percent, down from 6.2 percent in the same period last year, Central Bank Chairman Sergey Ignatyev said Wednesday.
Consumer prices went up 1 percent in June, compared to 0.3 percent last June, Sergey Ignatyev said at a Duma session. The official said the growth was fuelled by a 12 percent price hike on fruit and vegetables while the prices on them were declining last June. Year-on-year inflation between last and this June stands at 8.5 percent, against the total 9 percent in 2006.
The Central Bank chairman confirmed the bank’s forecast of 8 percent as the year’s anticipated result despite a 1 percent rise in June. The ruble exchange rate in real terms added 3.2 percent in the first half of 2007, against 7 percent in the same period last year. The Bank of Russia predicts the ruble to grow by no more than 5 percent in 2007, according to Sergey Ignatyev. Last year, the ruble jumped 7.6 percent against foreign currencies.
Elsewhere, statistics officials said the Russian budget surplus dropped to 550 billion rubles, down 24.6 percent between January and April, compared to the same period last year. The federal budget revenues in the four months stood at 1.92 trillion rubles, up 2.5 percent.
Federal expenditures in the first four months were 1.37 trillion rubles, up 15.4 percent. Russia’s Stabilization Fund grew to 2.9 trillion rubles by May 1, up 24 percent from the beginning of the year.
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