More trouble for the Russian economy ahead: It just significantly raised its inflation forecast, despite Putin saying price hikes are hurting businesses

• 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 President Vladimir Putin isn't getting any assurance from the country's ministry overseeing the economy.

Russia's economic development ministry just raised its inflation forecast for this year from 5.3% to 7.5%, TASS state news agency reported on Wednesday, citing a document from the authority.