Russian budget to stoke consumer boom further

Newswire

By Meg Clothier MOSCOW, Aug 22 (Reuters) - Big increases in public sector pay will give millions of Russians more to spend on everything from food to home improvements, further stoking a consumer boom. Next year's budget, adopted by the government last week, will hike state sector pay by 50 percent in real terms by 2008, the year Russians go the polls to choose a successor to President Vladimir Putin. This is bad for inflation, currently running at an annual rate of more than 13 ...

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