Growth in Russian service industries from banking and telecommunications to restaurants accelerated in May while prices rose at the fastest rate since at least 2001. VTB Bank Europe's Purchasing Managers' Index for services rose to 58.7, the highest in eight months, from 57.5 in April. A reading above 50 shows expansion. Input prices rose the most since the index was created in October 2001.
Russia, the world's biggest energy exporter, is in its 10th consecutive year of economic growth as record crude prices help stoke increases in wages and consumer spending. Retail sales rose an annual 13.2 percent in April and the inflation rate reached 14.3 percent, government figures showed.
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