ST. PETERSBURG, June 20. /TASS/. Russian President Vladimir Putin stated that he expects the inflation rate in Russia to reach around 7% by the end of the year.

"The Bank of Russia still estimates that by year-end, we will be approaching a 7-8% inflation rate. I believe it will be 7%, that is my hope. But this suggests that the measures being implemented by Russia’s financial authorities are producing positive results," he said during the plenary session of the St. Petersburg International Economic Forum (SPIEF).

He also stated that the annual inflation rate in Russia as of June 16 of this year was 9.6%.

About the forum

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.