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Russian Inflation Accelerates Slightly In August

Edward Hugh (September 5th, 2008) Writes:
Russian inflation accelerated in August and remained close to its fastest pace in more than five years as food costs continued to rise. The Russian inflation rate rose to 15 percent from 14.7 percent in July, according to data from the Moscow-based Federal Statistics Service earlier today. Month on month, prices were up 0.4 percent, after rising 0.5 percent in July.The central bank forecast slowing monthly price growth or a possible decline in August. Monthly inflation increased ``unexpectedly'' on meat and dairy costs, Alexei Ulyukayev, the central bank's first deputy chairman said in response. Food prices increased an annual 22 percent in August, including a 45 percent gain in pasta and a 33 percent rise in dairy costs.

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