"As to inflation, we must certainly ensure that the living standards are kept at an acceptable level…This should be the focus of attention at all levels of power," Putin said at a meeting with activists of The All-Russia People's Front, a pro-Kremlin public movement.
Putin also urged the careful use of two existing state reserve funds to finance social programs during hard economic times.
"That's what these funds are created for — to finance our social obligations in times of economic decline. And that's what we will certainly do," Putin stressed.
"When there is little inflation and low debt, that is one of the fundamental basic conditions for further development," Putin observed.
Officials expect to use up to two-thirds of the savings of one of the national stabilization mechanisms, the Reserve Fund, to cover the budget deficit this year.
The National Welfare Fund has nearly doubled last year from 2014 levels. The Central Bank suggested NWF reserves may be tapped into next year to balance the state budget deficit.
