Russian Inflation Rate Unchanged at 15% in September

Russia's inflation rate was unchanged at 15 percent in September as vegetable and fuel prices decreased and meat prices rose, the Federal Statistics Service said., 10/6/2008 5:48:42 AM

In the month, prices gained 0.8 percent, after rising 0.4 percent in August, the Moscow-based statistics office said in an e- mailed statement today.

The pace of Russian annual price growth is ``unacceptable'' and the government needs to push the rate below 10 percent next year, Prime Minister Vladimir Putin said on Aug. 21. Inflation may ``slightly'' exceed 12 percent by the year's end, more than the government's 11.8 percent forecast, as Russia moves to ensure adequate liquidity, according to Arkady Dvorkovich, an adviser to President Dmitry Medvedev.

Russian stocks have lost more than half their value this year as the government grapples with its worst financial crisis since 1998. Authorities halted share trading six times in the past three weeks and pledged more than $150 billion in loans, tax cuts, delayed tax payments and other measures to support lenders and other companies amid the liquidity shortage.

Meat and poultry prices rose 3.2 percent in September, while fruit and vegetable costs decreased 6.4 percent in the month, according to the statistics office. Gasoline prices fell 1.5 percent. Overall, inflation reached 10.6 percent this year through September.

Russian Inflation Rate Unchanged at 15% in September