Russian Minister for Economic Development Andrey Belousov said at the APEC summit that inflation may reach 7% this year, ITAR-TASS reports.
He clarified that it is caused by rising food prices. A ton of wheat worth 7200-7400 rubles today may cost up to 8500-9000 rubles at the end of the year.
Moreover, the ministry expects oil extraction to drop by 0.8% to 510 million tons in 2013, compared with the record of 514 million tons planned this year, Interfax reports.
The minister says that no causes for increase of oil extraction were predicted in 2013-2015. Reduced output of old oil rigs in Western Siberia will not be compensated by new ones, he says.
