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Russian central bank raises key rate as inflation climbs
CGTN
Heavy snowfall makes life difficult in Yujno-Sahalinsk island of Russia, January 14, 2022. /CFP

Heavy snowfall makes life difficult in Yujno-Sahalinsk island of Russia, January 14, 2022. /CFP

Russia's central bank has once again raised its interest rate on Friday as authorities struggle to rein in rapidly growing inflation and soaring food prices.

At a meeting on Friday, the Bank of Russia increased its key rate by 100 basis points to 9.5 percent.

"Inflation is developing appreciably above the Bank of Russia's October forecast" the bank said in a statement.

Inflation in Russia was at 8.8 percent, the bank said, adding that it aimed to bring it down to 4 percent.

Central banks around the world took measures to prop up economies when the pandemic emerged in 2020, but policymakers plan or have started to tighten loose monetary policies as inflation has soared.

(With input from AFP)

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