Putin says Russia's inflation to return to 4% target in 2023

VLADIVOSTOK, Sep 7 (PRIME) – Russia’s inflation is falling and will return to the target 4% in 2023, President Vladimir Putin said at a plenary session of the Eastern Economic Forum Wednesday.

Annual inflation exceeds 14%, but a downward trend has started, Putin said. "It is some 14%, but the trend is negative unlike in the Western economies," he said.

The economic situation has stabilized in general, while some problems persist, mainly, in supplies from abroad, he said.

Russia has protected mineral resource development from the activities of unfriendly states.

"We have already protected the sphere of mineral resource production from unfriendly actions. Now, only companies in the Russian jurisdiction have the right to develop our natural resources," Putin said.

Putin said that the Western states have undermined the foundations of the global economic system in their attempt to reverse the flow of history. The West will reach a dead end of an economic and social crisis.

Putin accused the other sides of the grain deal in carrying Ukrainian grain to the E.U. rather than to the developing and poor countries, adding that 345 million people lack food, which is 100% more than in 2019.

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