West's Short-Sighted Actions Fuel Global Inflation, Trend To Continue - Putin

VLADIVOSTOK (UrduPoint News / Sputnik - 07th September, 2022) The short-sighted actions of Western countries fuel global inflation, with inflation in the US already exceeding 8%, Russian President Vladimir Putin said on Wednesday.

"Global inflation has also been fueled by the short-sighted actions of the West. It has already beaten long-term records in developed countries. In the United States it was at 8.5% at the end of July," Putin said at a plenary session of the Eastern Economic Forum (EEF) in Vladivostok.

At the same time, experts estimate that inflation in Russia will reach the target levels by the second quarter of next year, the president added.

"We have it (inflation) now somewhere at around 14%, but its trend is declining, unlike in Western economies. I think that we will have about 12% by the end of the year, and, according to many experts, in the first quarter or by the second quarter of next year, we will most likely reach the targets of 5-6% according to some and even 4% according to others," Putin added.

The 7th EEF is held from September 5-8 in Vladivostok, on the Far Eastern Federal University campus. The Sputnik news agency is an information partner of the forum.