Kremlin roasted over inflation-busting measure

The Organisation for Economic Cooperation and Development has told the Russian government to abandon its attempts to control inflation by fixing retail prices.

In its twice-yearly report, the OECD said that with the exception of a big change in the oil price, the possibility of greater state intervention in key sectors of the economy was the main source of uncertainty.

The organisation blames a loose fiscal policy for pushing up inflation this year

The OECD forecast growth of 6.5 %next year, down from 7.3 %this year, and a fall in inflation to 9.5%.