Inflation in Russia could top targeted level - Stepashin
SOCHI. Aug 4 (Interfax) - Russia's Audit Chamber maintains that the federal budget will be implemented in full this year, but there is a concern that inflation might not be kept within targeted parameters.
"We generally think that the budget after the amendments the government introduced in May will be implemented," Audit Chamber chief Sergei Stepashin told President Dmitry Medvedev.
Oil prices have risen substantially of late, Stepashin told the president, and "there are no doubts that the revenue section of the budget will be fulfilled." However, he said, there is a concern as to whether the government will meet inflationary expectations.
"The first half, especially May-June, was not bad, but growth of the money supply, especially associated with growth in gasoline prices, create concern about us being able to keep inflation at the 7.5% level," Stepashin said.
