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The rate of inflation is expected to drop in the next few months
The rate of inflation is expected to drop in the next few months, and the situation will get stable by the end of the year, Russia's Central Bank said. At his meeting with President Putin, Chairman of the Central Bank Sergei Ignatyev said the macroeconomic situation in Russia "was fairly favorable." He said the economic growth was continuing, though at a slower pace than a year ago. Ignatyev is, however, concerned over the rate of inflation. "This year it is going to be higher than last year," he said. According to him, the high inflation is not monetary-based. "It is above all due to the fast growth of utilities tariffs, and sharp increase in meat prices after limitations were imposed on meat imports in the interests of domestic producers," Ignatyev said. In the five months of 2005, inflation was 7.3% against 10% forecast for 2005. Last year's inflation was 11.7%. Independent experts and the IMF said inflation would hit 12% in 2005. According to the Russian Finance Ministry, prices for meat and poultry grew by 10% in January-May 2005, 6.1% up on the same period of 2004. Prices for fruit and vegetable products also dramatically increased, with price growth exceeding 10% in some parts of Russia. In 2005, gas tariffs rose by 21.7%.
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