US EditionRussia Is Facing an Inflation Crisis
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2 Articles
Russia Is Facing an Inflation Crisis
Key Points and Summary – Russia is grappling with severe inflation, forcing its central bank to maintain a punishing 18% key interest rate to cool down the wartime economy. This inflation is fueled by a perfect storm of a depreciated ruble due to Western sanctions, a labor shortage from military conscription, and massive government spending on the war in Ukraine. This has created an internal conflict between economists at the central bank and th…
The Russian Central Bank could continue to cut interest rates until the end of the year, but such a development is possible only if inflation slows down significantly. This was stated on Thursday by the head of the monetary policy department of the Russian Central Bank, Andrei Gangan. This was reported by Reuters, which published Gangan's interview with the government daily Rossiyskaya Gazeta. According to Gangan, the bank is based on a basic in…
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