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Wednesday, November 14, 2007

Inflation in Russia, Unbound

The Kremlin itself has admitted that Russia's overall consumer price inflation will be double-digit, up to 40% higher this year that what the Kremlin had predicted and 20% higher than last year. If the Kremlin admits things are this bad, do you dare to imagine what the real figure actually is? And how about the figure on the specific basket of goods that are affordable to a population that earns less than $4/hour on average, the one that's currently subject to official price controls?

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