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The World

April 01, 1985

Israel's Cabinet adopted a new economic plan backed by labor and industry but assailed by critics who say it fails to grapple with the nation's economic turmoil. Finance Minister Yitzhak Modai announced price increases but added that prices now will be frozen for the next two months. Under the plan, prices of most items rose 7% while those of subsidized foods such as milk and eggs went up as much as 20%. Prime Minister Shimon Peres said the goal is to reduce inflation to less than 10% a month.

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