
Factory-gate inflation together with consumer-price growth which reached 15.1 percent in June - the quickest pace since December 2002 - now represents the most significant immediate threat to Russian economic growth.

Russian unemployment rate also fell again in June to touch 6.2 percent, while real (ie allowing for inflation) monthly wages increased an annual 11.7 percent to 17,808 rubles ($767) and industrial investment rose just 10.8 percent, the slowest pace in over two years. Industrial production grew by a meagre 0.9 percent in June.

The Russian government has forecast the economy will expand 7.6 percent growth this year, compared with 8.1 percent in 2007. Gross domestic product probably rose 8 percent in the first half, Interfax news service reported today, citing an unidentified government official.
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