Russian Inflation Rate Surges to Highest in Three Years - Bloomberg

Russian Inflation Rate Surges to Highest in Three Years - Bloomberg:



"Russian inflation accelerated to the fastest pace in three years, putting pressure on the central bank to raise interest rates even as economic growth shrivels. 




Consumer prices jumped 8 percent from a year earlier in September after a 7.6 percent advance the previous month, the Federal Statistics Service in Moscow said today in an e-mailed statement. That matches the median estimate of 21 economists in a Bloomberg survey. Prices grew 0.7 percent from August.



The conflict in Ukraine has sparked an exodus from the ruble, last quarter’s worst-performing currency, while an August ban on some food imports from the U.S., Europe and other nations, retaliation for sanctions against Russia, has further stoked prices. Faster inflation has prompted the central bank to raise its benchmark rate three times this year to 8 percent from 5.5 percent in February."



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