Inflation in Russia grows too fast
Russia`s inflation stood at 0.5 percent in the first seven days of October, Chairman of the Bank of Russia Sergei Ignatyev told journalists today. The country`s inflation stood at 9.3 percent in September 2007 compared to the same month a year earlier.
Ignatyev pointed out that this was a rather high inflation rate for early October, adding that the annual inflation could exceed the forecast of 8 percent.
The bank`s official noted that an increase in prices was due to higher dairy food and bread prices, which in turn, could be attributed to the global hike in food prices. Ignatyev also expressed hope that the government`s measures aimed at cutting back inflation would have the projected effect.
The Bank of Russia is not planning to revise its inflation forecast for 2008, Sergei Ignatyev told journalists. He pointed out that inflation rate was projected to be 7 percent or less, as Russia had the necessary resources to cut back inflation.
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