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Russian central bank hikes rates to fight inflation fueled by military spending in growing economy

  • The Russian central bank has increased interest rates by 1 percentage point to 19% to combat inflation, which is affected by military spending.
  • The central bank noted that “consumer activity remains high” due to rising wages and a strong jobs market.
  • The bank aims to reduce inflation from the current 9.1% to its target of 4% by 2025 and may raise rates again.
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Vladimir PutinVladimir Putin
EuropeEurope
BusinessBusiness
European EconomyEuropean Economy
Russia EconomyRussia Economy
Central BankCentral Bank
EconomyEconomy
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