MOSCOW. May 30 (Interfax) - Direct foreign investments in the Russian economy grew 100% in the first quarter of 2006, Russian Economics Minister German Gref told President Vladimir Putin.

Gref accounted the rise to the good dynamics on the stock market.

Gref said that oil prices grew approximately 20%, from $47.5 a barrel in April 2005 to $65 this year. This is putting serious pressure on the monetary policy of the government, he said.

Gref also reported a decline in inflation. He said that prices grew 0.3% in the first 22 days of May. The Economic Development Ministry estimates that inflation will remain at 0.4% until the end of May. If inflation continues to slow down, the figure for the year won't exceed 9.3%, Gref said.

As for GDP, it went up 6.5% in April and 4.1% in the first four months of the year. The respective figures last year were 5.7% and 5.2%, Gref said.

"In general, we are following the 2005 pattern, but the dynamics is positive," he added.