Economics
Russia Inflation Hits 6-Year High, Adds Rate-Hike Pressure
- Price growth still more than double central bank’s target
- Economist sees peak of inflation coming in March-April
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Russian inflation accelerated to the highest level in six years in January, adding to pressure on the central bank to increase interest rates further this week.
Consumer prices rose 8.73% in January, the Federal Statistics Service said Wednesday, driven by increases in fruits and vegetables, as well as construction materials and electronics. Price gains also picked up in the week ended Feb. 4, to 0.29% from 0.18% the week before, the agency said. That brought the annual rate to 8.8% as of Feb. 4, according to the Economy Ministry.