Russian President Vladimir Putin said during a Friday speech that those blaming him for rising inflation don't know how to read or write.
On Friday, Russian President Putin spoke at the International Economic Forum.
Russians were barred from this year's event at the St. Petersburg International Economic Forum due to Putin's comments.
According to a translation of Putin's comments provided by the New York Times, the idea of Putin inflation is based on stupidity.
The American leader has pointed the finger at Putin before, saying in April that 70% of the increase in inflation was the result of Putin's price hike.
Biden is correct that gas prices and food prices have gone up, but inflation in the U.S. is continuing a trend that began before the invasion of Ukraine.
The U.S. declared itself to be God's own representatives in other points of the speech.
The speech by Putin was delayed by an hour because of cyberattacks. There were no representatives from European or American companies present at the event, which was missing many foreign investors.
The World Bank said earlier this month that a lot of countries may fall into a recession. The World Bank lowered its global economic growth forecasts after Russia invaded Ukraine. Russia's economy has become isolated due to sanctions and hundreds of multinational firms have left the country Despite evidence of high inflation and forecasts of a decline in GDP, the Kremlin has portrayed itself as immune.
The message of the forum was to inspire confidence amongst Russian elites about the country's economic future, but according to a Friday intelligence update by the United Kingdom, some 15,000 Russian millionaires have filed paperwork to leave the country.
Biden claimed that 70% of the inflation increase was due to Putin.
This is what Putin got right and wrong about the Russian economy.
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