The Russian Central Bank predicted that annual inflation will continue to rise in the coming months, indicating that inflation is fueled by the weakness of the ruble and the growth of domestic demand that exceeds supply.
Russia's central bank raised its key interest rate by 100 basis points to 13 percent and gave hawkish guidance with warnings of further increases at upcoming meetings.
The CBE expects annual inflation to range between 6 and 7 percent in 2023, then return to its target of 4 percent in 2024 and remain close to this level.
Source (Alkhaleej Emirati Newspaper, Edited)
