Russia Inflation Hits New 2024 Peak, Pressuring Central Bank

From bnnbloomberg.ca

Russian inflation accelerated in May to the highest in more than a year, adding to pressure on the central bank to hike the key rate to curb price growth. Annual inflation reached 8.3% last month, from 7.84% in April, the highest since February last year, Federal Statistics Service data showed late Friday. Price growth jumped to 0.74% in monthly terms from 0.5% in April. Bank of Russia Governor Elvira Nabiullina last week warned of the possibility of a “significant” rate hike in July if inflationary pressures don’t start to ease. That came after the central bank held the rate at 16% for the fourth meeting in a ... (full story)