Inflation & Prices
Russia Inflation Hits New 2024 Peak, Pressuring Central Bank
- Annual price growth reaches 8.3% in May from 7.84% in April
- Bank of Russia has warned of risk of ‘significant’ rate hike
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Russian inflation accelerated in May to the highest in more than a year, adding to pressure on the central bank to hike the key rate to curb price growth.
Annual inflation reached 8.3% last month, from 7.84% in April, the highest since February last year, Federal Statistics Service data showed late Friday. Price growth jumped to 0.74% in monthly terms from 0.5% in April.