Russia's central bank prepares to hike interest rates to curb inflation spurred by elevated food prices.

Russia's central bank is expected to raise interest rates significantly to combat rising inflation, which hit 8.9% in November, up from 8.5% in October, mainly due to higher food prices. The bank raised rates by 200 basis points in October and is likely to increase them further this week. Despite predictions of 3.6% growth in 2024, the war in Ukraine has disrupted supply chains, driving up costs and inflation.

3 months ago
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