Russian econ ministry revises up 2007 inflation forecast to 11%-11.5%

Russia's Economic Development and Trade Ministry has revised up its consumer price inflation forecast for 2007 to 11%-11.5%, the ministry said in a report on the country's social and economic development.

The ministry's last inflation forecast adjustment was in late October, when it was revised up to 10.5%-11% from 8%.

Russia's consumer price inflation amounted to 9.7% from January 1 to November 15, Economic Development and Trade Minister Elvira Nabiullina said earlier in November.

The Russian government had sought to keep inflation within an 8% range this year, but high inflation in recent months has already pushed the figure well over that target.

In 2006, Russia’s consumer price inflation amounted to 9% - right on the government's target for that year.