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Govt. to keep Russia's inflation to single digit - dep. minister

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LONDON, May 22 (RIA Novosti) - The Russian government intends to restrain 2006 inflation at less than 10%, a deputy finance minister said Monday.

"Despite rather alarming indices at the beginning of the year, there is a chance that this year we will fulfill this task," Sergei Storchak said during a business forum of the European Bank for Reconstruction and Development.

Earlier in the year, experts warned that inflation in 2006 could exceed the initial government target of 8.5% and hit 12-13%, after consumer prices grew 5.4% from the start of the year, partly due to the unusually cold winter.

Storchak said the program for the country's social and economic development for 2006-2008, which the government adopted in December, would play a key role in restraining inflation. The program sets inflation targets of 7-8.5% in 2006, 6-7.5% in 2007 and 4-5.5% in 2008.

"Inflation should not exceed 3-4% a year, but we are not setting such goals yet," Storchak said.

Prime Minister Mikhail Fradkov said earlier, "This year, the government has been taking necessary steps to keep the price growth at 8-9%. Achieving a single-digit inflation figure is one of the key objectives for the government."

Deputy Prime Minister Alexander Zhukov said 2006 inflation in Russia would not exceed 9% as compared to 10.8% in 2005.

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