Economy News

Russian inflation accelerates to 8.82% ahead of cenbank rate meeting

MOSCOW (Reuters) – Consumer inflation in Russia accelerated to 8.82% in year-on-year terms as of Jan. 28, its highest since early 2016, the economy ministry said on Wednesday, adding pressure on the central bank to opt for a larger rate increase next week.

The central bank is expected to raise its key interest rate by a hefty 100 basis points to 9.5% on Feb. 11 as inflation, which it targets at 4%, shows little signs of slowing.

In the week to Jan. 28, consumer prices rose 0.19%, data from Russia’s statistics service showed.

Source : Reuters/

© Reuters. FILE PHOTO: Russian 100-rouble banknotes are placed on a cashier’s desk at a supermarket in the Siberian town of Tara in the Omsk region, Russia, December 14, 2021. Picture taken December 14, 2021. REUTERS/Alexey Malgavko

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