Russia (bbabo.net), - If the Bank of Russia had not started raising the key rate last year, the inflation rate in Russia would have exceeded 10%. This was stated at a press conference by the head of the Bank of Russia Elvira Nabiullina.

"There is an opinion that the increase in the key rate does not hold back the rise in prices. In fact, if we had not started raising the rate last spring, inflation would have been much higher than 10% today, our rate prevented this," the head of the Central Bank said.

Earlier on Friday, the Bank of Russia raised its key rate for the eighth time in a row amid high inflation, which continues to decline. The rate has been increased by one percentage point to 9.5% per annum. The Bank of Russia has been increasing the key rate for almost a year now, the rate increase cycle began in March 2021 from 4.25% per annum.

Inflation in Russia last year was 8.4%, a six-year high. In early February, annual inflation accelerated to 8.8%.

bbabo.Net