According to a number of press reports, Russian consumers will see an increase in food prices as a result of Russian President Putin’s ban on food imports from the U.S., EU, Australia, Canada, and Norway.  Some officials believe annual inflation will increase to 8 percent next year which is above the Russian target of 4.5 percent.  According to the report, the ban on food will add 2 percentage points to inflation in the next 12 months.