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Inflation in Russia May Reach 14 Percent
Inflation may reach 14 percent by the end of the year, stated Paul Tomsen, head of the International Monetary Fund Russia mission at a press conference after consultations with Russian federal authorities. Tomsen also said that the IMF has forecast 7.75-7.8 percent growth in the GDP this year. The GDP in the first quarter of the year grew 8 percent in comparison with the first quarter of last year, which was 7.4 percent higher than the same period of 2006. The volume of the Russian GDP in real terms grew by 8.1 percent, or 32.9874 trillion rubles, in 2007, compared with 2006.
A month ago, the Ministry of Economic Development raised its estimate for GDP growth this year from 7.1 percent to 7.6 percent because of growing investment. It also raised its prognosis for 2009 from 6.3 to 6.6 percent, lowered its 2010 prognosis from 6.6 to 6.5 percent and raised its 2011 prognosis from 6.1 percent to 6.2 percent. The ministry also raised it prognosis of inflation for January through May of this year from 7.5 to 7.5 percent. The Finance Ministry has predicted 7.6 percent for the same period. Rosstat has released a preliminary figure of 7.5 percent. The Ministry of Economic Development did not change its prognosis for annual inflation for this year, however. It remains 10.5 percent. The Finance Ministry and Central Bank of Russia chairman Sergey Ignatyev are also sticking with the 10.5-percent prognosis.
According to Rosstat, there was 0.3-percent inflation between May 20 and 26 and 1.2-percent from the beginning of the month. Inflation from May 1 through 26, 2007, was 0.5 percent, and from January 1 to May 26, 2007, there was 4.6-percent inflation.
www.kommersant.com
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