VLADIVOSTOK, September 7. /TASS/. Inflation in Russia is declining, by the end of the year its level may reach around 12%, Russian President Vladimir Putin said at a plenary meeting of the Eastern Economic Forum.

"The short-sighted actions of the Western authorities have also triggered global inflation, it has already updated long-sanding highs in developed economies. By the end of July, inflation in the United States was 8.5%. We now have it at 14%, with a trend to decline, in contrast to Western economies. I believe it will be around 12% by the end of the year," he said.

According to many experts, Putin continued, by the second quarter of next year, Russia will most likely reach the inflation target. "Some say 5-6%, and others say hat 4% will be reached. Let's see, in any case, the trends are positive," he said.

Organized by the Roscongress Foundation, the Seventh Eastern Economic Forum will be running from September 5 to September 8 in Vladivostok. TASS is the event’s general information partner and its official photohost agency. This year, the theme of the forum is: "On the Path to a Multipolar World.".