Russian inflation spikes to 2.4% in January

4th February 2011, Comments 0 comments

Russia's monthly inflation rate accelerated sharply to 2.4 percent in January, from 1.1 percent the previous month, the statistics agency Rosstat said Friday.

For 2010 as a whole consumer prices rose by 8.8 percent, slightly higher than earlier government estimates.

The weather was to blame for some of the price hikes last year, with a spring drought and summer heatwave forcing the government to impose an embargo on cereal exports.

Last October Russian President Vladimir Putin predicted 6.3 percent inflation for 2011, while his finance minister has estimated it will reach 7.0 percent.

© 2011 AFP

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