Several preceding years saw consumer prices seasonally getting down, August and September. Now, the situation is quite the reverse with galloping petroleum prices, which bring other prices in their wake. August's inflation was 0.4%. The same is expected for this month, to exceed 8% for the nine months since the year's start. Inflation rates have to keep within 2% throughout October-December to meet the 10% forecast. Meanwhile, 1% is a usual monthly rate for a year's concluding months.
August's gross domestic product was 0.5% above July's. The preceding eight months raised it by 7.3% against January-August 2003, Mr. Gref said to the media after his conference with the President.
The GDP has been steadily increasing throughout the year-7.4% for the first half-year. A total 6.9% has been forecast for the entire year on what the minister describes as "conservative prognostication." If petroleum prices stay above $30 a barrel into the year's end, the Russian gross domestic product will rise by 7.1% or even higher, he said on a previous occasion.
Industrial output also came 0.5% up, August against July, German Gref announced today. It rose by 6.9% within the eight months against January-August 2003, and is expected to come 7% up throughout the year against the last, he added.
Farming was making quicker progress than any other Russian economic branch, pointed out the minister.
Public money incomes increased by 8.6% within the eight months against January-August 2003, and are expected to come 9.2% up for the whole year.
Capital investment progress, on the contrary, has dropped pace, somewhat-slightly over 11% for the eight months. The first and second quarter-years offered 12-13%. Anyway, the year's investment increase is forecasted at 10.5%, at the least, reassured Mr. Gref.
