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  Friday, September 20, 2019
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The government is proving unable to deal with reducing the inflation rate to an annual 2-3%
The government is proving unable to deal with reducing the inflation rate to an annual 2-3%, the finance minister told a gathering of top businessmen Tuesday. "We should reduce inflation to 2-3%. This is a key task for the government, and one which it is still not hitting," Alexei Kudrin said at a congress of the Russian Union of Industrialists and Entrepreneurs. He said reducing inflation from 20% to 12% had been a serious achievement, but the drop to 10.9% from 12% in the last few years was "mission unaccomplished". Kudrin said inflation growth from 0% to 3% boosted economic development but a higher rate of 5-7% had a negative impact on the economy. The government's official development program for 2006-2008 fixed the inflation target for 2006 at a maximum 8.5%. Official government statistics put inflation in the first quarter of 2006 at 5%, against a figure of 10.9% for the whole of last year
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