Russia’s Inflation and Interest Rates

MOSCOW (Reuters) – Analysts polled by Russia’s central bank expect year-end inflation at 7.3%, significantly above the 4% target and just below the 7.4% reading for 2023.

Soaring inflation has compelled the central bank to raise its key interest rate to 18% ahead of the rate-setting meeting on Sept. 13.

The analysts predict an average key rate between September-December of 19%, indicating that another hike is likely before the year’s end.