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Israel freezes wages, prices in effort to cut 450% inflation

The government imposed a three-month freeze on wages and prices Saturday as part of a tough campaign to cut Israel's 450-percent annual inflation rate and rescue the weakened economy. Prices would be frozen at Friday's level as part of the five-stage economic recovery plan.

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Under the program, workers will take cuts of up to 33 percent in cost-of-living increments, but will receive tax breaks later to make up for losses in real income.