Tuesday, August 21, 2007

Russian Inflation Rate Rises to 8.7% in July

In Bloomberg This Morning:

Russian Inflation Rate Rises to 8.7% in July, Highest This Year

By Maria Levitov

Aug. 21 (Bloomberg) -- Russia's annual inflation rate rose in July to 8.7 percent, the highest level since December.

The rate rose from 8.5 percent in June, the Moscow-based Federal Statistics Service said in an e-mailed statement today. The median forecast of 14 economists surveyed by Bloomberg was for an 8.9 percent rate. Consumer prices rose a monthly 0.9 percent.

Russia, the world's largest energy exporter, has the highest inflation rate of any Group of Eight nation and is struggling to bring inflation down to Western European levels. The government aims to contain inflation at 8 percent this year, below the 9 percent rate in 2006.

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