Russia hikes rates by 100bp
Central bank says growth in demand for goods and services still “significantly outstrips” supply
The Bank of Russia today (September 13) raised its key rate by 100 basis points to 19%.
“The growth in domestic demand still significantly outpaces the capacity to expand the supply of goods and services,” the bank said, hinting at the country’s increasing spending on the war in Ukraine.
Russia’s annual price growth rate was 7.6% in August, a small reduction from the 8.6% recorded in July, though still significantly higher than the 5.8% recorded in Q1.
The central bank said core annual inflation in
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