Russia Inflation Jumped at Year-End as War Pushes Up Prices
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Russian inflation accelerated further from the central bank’s goal last month as the invasion of Ukraine continued to drive up prices for nearly all goods and services.
Annual price growth at the end of 2024 reached 9.5%, accelerating in December from 8.9% a month earlier despite historically high interest rates. That makes 2024 the fifth consecutive year that the central bank missed its target of 4%.