Russia's economy ministry has raised the country's 2023 inflation forecast from 5.3% to 7.5%, per TASS.
Russia's economy and the ruble's value have been hit by the war in Ukraine, driving up inflation.
Russian President Putin said on Tuesday high inflation is making it "practically impossible" for businesses to make plans.
Russian inflation accelerated 5.15% year-over-year in August, well above the central bank's 4% annual inflation target.
Analysts polled by Reuters are largely expecting Russia's central bank to hike rates again later this week to support the ruble and tame inflation.
Persons:
Putin, Vladimir Putin isn't
Organizations:
Service, TASS, Ukraine, Moscow, Eastern Economic, Reuters, Kremlin
Locations:
Ukraine, Wall, Silicon, Russian, Vladivostok