MOSCOW, March 2 (RIA Novosti) - Russia's inflation rate was 2.5% in the first two months of this year with the annual inflation target set at 7-8%, the economics minister said Friday.
"It is 1.6% less than in the first two months of last year," German Gref said. "It gives us confidence that we will be able to meet the 7-8% target."
Finance Minister Alexei Kudrin has announced an annual inflation target of less than 5% for 2012. In 2006, inflation was 9% and is expected to gradually reduce over the next few years.
Gref said consumer price growth was low thanks to efforts to contain tariff hikes in the utility sector and natural monopolies.
