Putin warns of crippling inflation in Russia, predicts economic turmoil

Russian President Vladimir Putin acknowledged that inflation in Russia has reached a level where it is "practically impossible" for businesses to make plans. In August, Russian inflation accelerated to 5.15% year-over-year, well above the central bank's 4% target. Despite the economic challenges, Putin remains optimistic, stating that the nation's problems are not insurmountable. Russia's economy is under pressure to lift interest rates to combat inflation while stimulating economic growth and supporting the ruble, which has recently weakened against the dollar. The country's economy has been significantly impacted by western sanctions and the costly invasion of Ukraine.