Such lack of ambition. The Russian government would like to contain inflation to just 8.5 percent next year.
The Russian government hopes to lower inflation to no higher than 8.5 per cent next year, though it is a "difficult" goal to meet, Economy Minister Elvira Nabiullina said.
Avoiding spending increases is one of the tools the government has for cooling the pace of consumer price growth, she told reporters in Moscow yesterday.
Russia, the world's biggest energy exporter, has struggled to contain inflation as revenue from oil and gas sales, and increasing food costs pushed up consumer prices. Inflation could surpass 12 per cent this year, missing the central bank's 8 per cent target.
Her remarks come a day after President Vladimir Putin called on cabinet members and regional officials to consider increasing the government's budget for the next three years to boost wages. But since expenditures are already set, "We'll need to review the federal budget," Putin noted.