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Finance Ministry: Drought not to affect non-food inflation
RBC, 08.09.2010, Moscow 15:45:54.Although there is in fact a risk of a price increase on non-food products resulting from the drought, it is insubstantial, Deputy Prime Minister and Finance Minister Alexei Kudrin stated today during a press briefing. "Such risks can be prompted by market participants who are trying to secure their income against unforeseen situations," he explained. At the same time, the minister indicated that consumer demand was likely to restrain growth in prices on non-food products. "When an increase in prices is not based on actual concrete factors, but is instead spurred by psychological factors and expectations, it is met with the population's unwillingness to buy products at high prices," Kudrin stated. Considering that, the effect of psychological factors on non-food inflation is also expected to be insignificant.
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