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Economy

2 Feb 2022

Russian Central Bank Announces Laxation of Inflation in the Country

The Index Today

Russia’s inflation woes have eased in January, going from 14.8% to 13.7%. According to the Russian central bank, "A sustained reduction in inflationary expectations is not yet being seen."

"They continue to exert significant upward pressure on consumer demand and price dynamics. The Bank of Russia takes this into account in its monetary policy decisions," it said in a report.

This comes after pandemic-induced inflation soared to the highest levels in Russia since 2016, reaching well past the central bank’s projected 4%. According to a Reuters’ poll by market analysts, the central bank is set to hike interest rate on Feb 9th by 100 basis points to 9.5%.

©Photo: Bloomberg

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