Russia hikes rates by 200bp
Central bank is forced to update its outlook in face of soaring inflation
The Bank of Russia continued its aggressive campaign to control inflation today (October 25) by raising interest rates by 200 basis points.
The rise comes after September’s inflation data showed price growth to be running at 8.6%. The bank said this was “considerably above” its July forecast.
Back then, the bank also had to “substantially revise” its outlook, which forecast inflation of 6.5–7% by December and 4–4.5% in 2025. After four consecutive holds, the bank raised rates by 200bp in July and
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