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Russia Inflation Picks Up as Central Bank’s Tone Hawkish

  • Weekly inflation rose after lockdown, but below Oct. level
  • Bank of Russia vows to be ‘decisive’ in inflation fight
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Inflation accelerated in Russia, dimming hopes that price growth would begin to subside and fueling expectations the central bank will make another big increase in its key interest rate next month.

Consumer prices rose 0.18% in the week ended Nov. 15, double the rate the previous week but still below the pace seen in October, the Federal Statistics Service said. Economic growth in the third quarter came in at 4.3%, the statistics service said, a bit weaker than the 4.5% expected by economists surveyed by Bloomberg.