By Chris Weafer

The Moscow International Motor Show opens today and the auto industry is expected to widely laud the near 50%, year on year, increase in vehicle sales in July and the continuing recovery on the back of the state funded cash-for-clunkers programme. But, while one industry is celebrating recovery, the Deputy Economy Minister had less encouraging news for the broader economy (see below). Yesterday he said that the summer drought will mean higher inflation and a forecast growth rate that is less than half that expected in other so-called BRIC countries.