The FINANCIAL — Russia’s consumer prices rose 0.2% in the week to Oct. 26, retaining the same pace for the third week in a row, data from the Federal Statistics Service showed on October 28, according to Nasdaq.
This takes inflation since the beginning of the year to 11.2%, compared with 7.1% in the same period a year ago.
Stubbornly rising prices suggest that the central bank is unlikely to cut interest rates at its board meeting on Oct. 30. Some analysts, however, expect the central bank to trim rates in order to ease pressure on the contracting economy.
The central bank’s key rate now stands at 11%, far above the inflation target of 4%.