Kasyanov promises inflation within 12% in 2003

Inflation in Russia will not surpass 12 percent this year, as planned by the government earlier, Prime Minister Mikhail Kasyanov announced at the so-called government hour in the State Duma today. The meeting was devoted to Russia's social and economic policies.

Kasyanov reported that inflation reached 7.1 percent in Russia in the first five months of 2003, which was lower compared to inflation in the corresponding period last year. He forecasted that the inflation rate would not surpass 12 percent this year and 10 percent next year.

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