Russian central bank raises rates and warns on inflation

Elvira Nabiullina 2
Bank of Russia governor Elvira Nabiullina
Photo: Ekaterina Shtukina/Kremlin.ru/Wikimedia Commons

The Bank of Russia’s board of directors raised rates for the eighth consecutive meeting as it warned that inflation was significantly above its forecasts.

The board raised the key rate by 100 basis points to 10.5% today (February 11), in its first meeting of the year. Governor Elvira Nabiullina said that, “contrary to our expectations, inflation trends have not reversed,” adding “the steady components of inflation have even strengthened”.

Nabiullina’s statement said that difficulties in supply

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