Putin: Govt can shield businesses from industrial inflation

PERVOMAISKY VILLAGE, republic of Bashkortostan, Aug 9 (PRIME) -- The Russian authorities have plans to reduce the impact of industrial inflation on businesses, President Vladimir Putin said late on August 6 during a launch ceremony of the Cemix plant.

“Yes, we definitely have them,” Putin said when asked about whether the authorities have such plans.

The authorities have to take measures to restrict inflation, and the government has earmarked a wide range of systemic measures to hold prices, he said.

“Should we take some restrictive measures inside the country? Yes, we should, and we have to. We are doing exactly that. The government made a decision to raise export duties on the metals industry, and the money that will go to the budget from that will be allocated to construction. … That is why the government earmarked a wide range of systemic measures to hold prices in the country,” he said.

The government is constantly analyzing the ongoing situation, and it is trying to make adjustments to support small and medium-sized businesses, he said.

Growth of inflation in the U.S. reflects on the entire global economy, Putin added.

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