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

  • Russia’s central bank has raised its key interest rate by 1% to 19% to address high inflation caused by military spending impacting the economy's production capacity.
  • Higher rates are meant to make borrowing more costly, potentially reducing inflation, but economists warn this could also slow economic growth.
  • Despite efforts, the central bank faces challenges in combating inflation as government spending continues to exert pressure on prices.
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