In 2003, Inflation in Russia Should Go Down to between 10% and 12%

According to the statement made at a conference on the parameters of the federal budget for the next year and the prospects of the country's social and economic development till 2005 by Alexei Kudrin, Russia's Finance Minister, in 2003, Inflation in Russia Should Amount to between 10% and 12%. This level of inflation is lower than what is expected for the year 2002. 'The 2003 budget', the minister further said, 'is put together the way to allow a positive development of the country's economy.'

According to a Deputy Minister of Economic Development, Arkady Dvorkovich, this year, inflation is not expected to reach 14%. He also said that over the passed 8 months of the year 2002 inflation had amounted to 9.9%, which was close to what had been expected.

Alexei Kudrin said that the forecast for the year 2002 was quite realistic. Besides, the industrial growth that occurred in July and August allows to expect the overall inflation rate in 2002 not to reach 14%.