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Inflation will exceed 9% in 2007 in Russia
Inflation will exceed 9% in 2007 in Russia, Economic Development and Trade Minister Elvira Nabiullina told the press on Wednesday. The economics ministry's original forecast for 2007 was 8%, compared to last year's figure of 9%. Nabiullina said: "Unfortunately, inflation is likely to exceed last year's level," adding that rising food prices were a major cause of recent inflation. In the first nine months of 2007, consumer prices in Russia grew 7.5% or 0.3% more than in the same period of last year. In September alone they climbed 0.8%, making the government's 8% inflation target for 2007 unrealistic.
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