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The government must prevent inflation growth
The government must prevent inflation growth, President Vladimir Putin said at a meeting with cabinet members and the heads of the parliament's lower house, the State Duma, Monday. "Until 1998, inflation was higher than 70-80%," Putin said. "Inflation was more than 36% in 1998, after which we started to reduce it gradually, although more slowly than expected." Putin said that other countries with transition economies, including China, had managed to lower and maintain inflation better than Russia. "If we depart from the economic policy, which we drafted five years ago and started to implement consistently, the damage will be considerable," he said. He called drafting and adopting a federal budget for 2006 a priority for the government and the State Duma. Inflation was 0.6% in June. Russia's consumer prices rose 0.8% in May and 7.3% in the first five months of 2005. In 2004, inflation was 11.7%. The government intends to keep inflation within 10% this year
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