Inflation in Russia reaches 3.1%: Economics Minister German Gref

Russian consumer prices grew by 0.3% in the first 12 days of March, which means this year has already seen an inflation of 3.1%, says Economics Minister German Gref.

Analysts say the government is on track to meet its 2007 inflation target of 8%. But the rate will be even lower if international prices for oil, Russia's main source of revenues, remain at current levels.