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August 11
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President Vladimir Putin called the sharp rise in inflation the result of many years of irresponsible policies of the G7 countries, Russian President said at a meeting in the format of "BRICS plus" by video conference.

The president of Russia said that the surge in the price of basic agricultural commodities has hit developing countries the hardest, Kommersant reported.

"I would like to note it once again: the sharp rise in inflation did not happen yesterday - it is the result of several years, it is the result of many years, and I emphasize, the irresponsible macroeconomic policy of G7 countries, uncontrolled emissions and the accumulation of unsecured debt," said Vladimir Putin. "These processes accelerated with the beginning of the coronavirus pandemic," he noted.

The President also said that the jump in prices for basic agricultural commodities, such as wheat, has hit developing countries the hardest, since bread and flour are the means of survival for the main layers of the population.

"In the West, due to the situation with Ukrainian grain, blocked because of a special military operation, they expect a food crisis all over the world. In Russia, they say that port mines are hindering grain exports," he added.

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