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Russia’s Inflation Above 8%
Consumer prices in Russia have surged 8.1 percent since early this year, Interfax reported. Past year’s growth was just 4.9 percent.
The inflation was 0.4 percent from June 1 through 9 vs. 0.2 percent a year earlier, Interfax reported with reference to the sources with economic bloc of Russia’s government.
The latest inflation forecast of the government predicts the inflation of 9 percent to 10.5 percent by results of this year. Consumer prices stepped up 11.9 percent in 2007.
It emerged today that the economic experts of IMF advised Russia not to execute the 2008 budget to contain the inflation.
In an effort to curtail the price growth in the country, the BOD of the Central Bank of Russia decided in June to hike the refinancing rate to 10.75 percent. It is the third increase in this rate from early this year.
www.kommersant.com
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Photo: Kirill Tulin