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  Tuesday, January 19, 2021
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Food price inflation in Russia for 2007 is set to reach
Food price inflation in Russia for 2007 is set to reach 16%, while the cost of services will rise by 13%, and nonfood prices will increase by 6.6%, the economic minister said on Wednesday.

"Inflation has proved to be 4% above forecasts," Elvira Nabiullina told the Vesti-24 TV channel. She also said the government had planned to maintain consumer price growth at 8%, but it was now expected to reach 12%.

Nabiullina said that high inflation was caused by current soaring prices on global markets and a shortage of domestic products which were lagging behind wage rises.

The minister said the income and living standards of Russians would continue to grow next year.

She also said the innovative sectors should contribute 20% to the country's GDP to ensure the effective diversification of the economy.

"The innovative economy makes up 10.5% of the total volume of GDP. To move towards an innovative economy we need to increase the value twofold."


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