Inflation in Russia 11.9-12% in 2007, 8.5% in 2008 - minister
Inflation will be 11.9-12% in Russia in 2007 and 8.5% next year, the finance minister said on Saturday.
„Next year inflation will reach 8.5%,” Alexei Kudrin said in an interview with the Vesti television channel. The Finance Ministry earlier said that inflation in Russia was 1.1-1.3% in December, bringing consumer price growth to 12% this year, compared with the initial forecast of 8%. Inflation in Russia stood at 9% in 2006. Kudrin said the main reasons for the higher than planned inflation rate was soaring food costs and high oil prices as well as significant capital inflow in Russia. The minister also said that the strong Russian economy means the finance ministry does not expect a financial crisis in Russia next year, adding that the ministry is currently drafting a 15-year financial plan for the economical development of the country.
Russian President Vladimir Putin, whose term in office ends in March 2008, and who will head the government if his protege Dmitry Medvedev wins presidential elections, said on Thursday that the main goals for 2008 should be lowering inflation growth and improving living standards for Russians. Putin said the 2007 targets had not been achieved but did not blame financial bodies for the failure. „It is not just the Finance Ministry but also the global economic situation and the Russian economy,” he said. (rian.ru)
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.