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| Inflation going up, up ... |
But as usual, firm data is hard to come by.
Bank of Russia increases key rate by 100 b.p. to 8.50% p.a.
cbr.ru
https://www.cbr.ru › eng › press › keypr
21 Jul 2023 — According to the Bank of Russia's forecast, given the monetary policy stance, annual inflation will come in at 5.0–6.5% in 2023 to return to 4% ...
That is a massive rate rises! Last year inflation was at 11%. Now it is centre of calls to just 4%. For which you would expect an interest rate of around 3 or 4%. 8.5% these are the set has hit the fan in a big way!
And the cost of the unwarranted invasion of the Ukraine, is casting Russia billions. And has crashed its external economic activity. This is what you call a problem!
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