Putin said in a speech to parliament presenting his candidacy that he wanted “single-digit inflation within a few years” as part of a long-term plan to make the country a global economic leader by 2020.

Legislators voted 392-56 to confirm him as premier, with the opposing votes coming from the Communists.
His appearance marked the latest stage of a carefully choreographed transition of power to his chosen successor Dmitry Medvedev, who became president on Wednesday.

Medvedev earlier presented Putin’s candidacy, saying in brief remarks that his mentor would play a “key role” in shaping the country’s development over the next 12 years. “All these years we worked with him and continue to work together,” the new president said.

“First and foremost we need a robust macro-economic situation,” Putin said. “We will devote the attention to all aspects of financial policy — first of all to measures directed at reducing inflation.” Inflation is Russia’s biggest economic problem, with price rises running at 14.3 per cent in April on an annualised basis and growing fears of labour unrest.