Audit Chamber head reiterates inflation may exceed 7.5% in 2011

MOSCOW, Aug 4 (PRIME) — Russias consumer price inflation could exceed the higher end of the current forecast of 7.5% in 2011, the head of the Audit Chamber Sergei Stepashin reiterated Thursday at a meeting with Russian President Dmitry Medvedev as cited by RIA Novosti.

Stepashin attributed his concerns to an increase in the money supply due to a hike in gasoline prices.

In April, the Economic Development Ministry increased its forecast for consumer price inflation in 2011 to 7.0%7.5%, from the previous level of 6.0%7.0%.

Consumer prices in Russia rose 8.8% in 2010, the Federal State Statistics Service said earlier.


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