ADVERTISEMENT

Russian bread inflation termed artificial

Tourism

Artificial increases are pushing up Russia's domestic grain and bread prices, leading to unfounded supply fears, a Russian official said Tuesday.

“Russia's grain reserves as of July 1 this year are larger than last year and (the Russian Federal Statistics Service) has published this information,” statistics service director Vladimir Sokolin said. The rise in grain and bread prices has no economic basis, he told the Itar-Tass news agency. Some businesses not only ignore this fact but use the mass media to stir up inflationary expectations, Sokolin said. “Everybody for some reason has forgotten that since 1992 Russia has had no food crises, and its export potential currently reaches 10 (million) to 15 million tons of grain,” Sokolin told Itar-Tass. Even if Russia does have a poor harvest, it could compensate by lowering exports, he said. Sokolin also said his agency, also known as Rosstat, would probably conduct a nationwide economic census in 2009, depending on budgetary constraints. (monstersandcritics.com)

 

ADVERTISEMENT

Consumer, business confidence reach 2-year high - GKI Analysis

Consumer, business confidence reach 2-year high - GKI

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Budapest airport shuttle bus service expanded City

Budapest airport shuttle bus service expanded

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.