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

flag 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. flag The bank raised rates by 200 basis points in October and is likely to increase them further this week. flag Despite predictions of 3.6% growth in 2024, the war in Ukraine has disrupted supply chains, driving up costs and inflation.

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