Russian Gov’t Promises to Curb Inflation in 2008

By Prensa Latina

Moscow : Amid escalating inflation during the second semester of 2007, the Russian government promised to curb the hike in prices and keep inflation under 8.5 percent next year.


Support TwoCircles

The target is to curb inflation under that threshold next year and reduce it to 6 percent by 2010, according to the Russian deputy minister for Economic Development and Trade, Andrei Belousov.

He noted that such parameters were included in the government’s report on results and fundamental guidelines for the 2008-2010 period, which will be presented at a cabinet meeting on Thursday.

Belousov pointed out that inflation mainly affects the prices of food, fuel and cement prices, a group of items that must be controlled.

He added that a shock measure to stop inflation is to develop the agricultural market, just to mention an example.

The Russian deputy minister said he was certain that the government would appropriately counter inflation, which escalated during the second semester of the year.

In early 2007, the Russian government predicted an annual inflation rate of 8 percent, but it is likely reach 11 percent this year, according to the latest monthly reports.

SUPPORT TWOCIRCLES HELP SUPPORT INDEPENDENT AND NON-PROFIT MEDIA. DONATE HERE