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

SeattlePI.com Friday, 13 September 2024 ()
Russia’s central bank has raised its key interest rate by a full percentage point to 19% to combat high inflation as government spending on the military strains the economy’s capacity to produce goods and services and drives up workers’ wages. The central bank said in a statement Friday that “growth in domestic demand is still significantly outstripping the capabilities to expand the supply of goods and services.” It held out the prospect of more rate increases to return inflation from the current 9.1% to the bank’s target of 4% in 2025.
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Video Credit: euronews (in English) - Published
News video: Russia's central bank hikes rates to fight inflation fuelled by military spending

Russia's central bank hikes rates to fight inflation fuelled by military spending 01:11

 Russia's central bank raised its interest rate by a full percentage point on Friday as government military spending in its invasion of Ukraine strains the economy.

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Alert: Russian central bank hikes interest rates by 1 percentage point to 19% to fight inflation fueled by military spending

 Russian central bank hikes interest rates by 1 percentage point to 19% to fight inflation fueled by military spending.
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