Drivers protest against the surge in petrol prices in Vladivostok, April 27, 2008. The slogan reads: "Inflation."
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Jan-May Food Inflation to Reach 9.7% to 9.8%
Food prices surged 9.7 percent to 9.8 percent in Russia in the first five months of this year, says the monitoring report of the RF Economic Development Ministry that was released on Friday.
The five-month growth in food prices was calculated without taking into account the increase in prices for fruit and vegetables. The aggregate index of consumer prices will be 7.4 percent to 7.5 percent, the document said.
The acceleration of food inflation could be blamed on stagnation in the output of a few agricultural products and declining competition with the prices for imported products, the ministry concluded.
As a result, food prices stepped up 8 percent in January through April of 2008, which is 2.4 fold up on year (3.3 percent); the prices for socially vital products grew 6.8 percent vs. 1.6 percent respectively.
Overall, the inflation on consumer market reached 1.4 percent in April vs. 0.6 percent a year earlier. The prices for petrol and food (particularly fruit and vegetables, bread, bakery, eggs and vegetable oil) surged that month, the Economic Development Ministry said in the report.
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