Russia`s inflation rate totaled 0.6% in the first 16 days of July, against 0.4% in the same period last year, the Central Bank`s chairman said Thursday.

Sergei Ignatyev said the increase in the cost of goods and services since the start of the year was 6.3% as of July 16, against 6.6% in the same period of 2006.

The chairman said he hoped inflation would not exceed the 8% target set by the government.

"We are not going to change the forecast," Ignatyev said.
sections: Economics