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Russia estimates January inflation

January 30, 2008 | RBC

Russia's inflation is expected to be 2.3-2.4 percent in January 2008, Vladimir Sokolin, head of the Russian Federal State Statistics Service (Rosstat) told journalists today. He explained that the main factors driving inflation rate up were an increase in housing and utilities services, as well as in gas and electricity prices. Furthermore, food price rise are likely to have an effect on the inflation growth rate.

Sokolin believes that February inflation will amount to 2 percent, adding that the agreement with the country's largest retailers not to raise prices on certain groups of products was not a measure to curb inflation. He also indicated that high inflation rate in 2007 was attributed to external factors, as Russia was part of the global economy.

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