2024-09-14 21:16:29
By 100 basis points, to 19%, the central bank increased it of Russia the benchmark interest rate, against the background of persistently high inflation.
Analysts cited the Reuters they expected the interest rate to remain constant at 18%.
However, according to Russia’s central bank, the latest inflation data released on Thursday showed that inflation is still high.
“Overall, persistent inflationary pressures remain high and have yet to show signs of abating,” the central bank said in a statement.
The data on inflation
Seasonally adjusted core inflation accelerated in August to 7.7% from 6.1% in July, according to central bank calculations, with many analysts crediting that rise as the trigger for today’s decision.
Overall inflation slowed to 9.05% in August on an annual basis, down slightly from 9.13% in the previous month. Since the beginning of the year, prices have increased by 5.35%.
The latest macroeconomic forecasts showed inflation for the full year at 7.3%, well above the central bank’s 4% target.