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Russia Central Bank holds interest rate at 14% amid rising inflation
The Central Bank of Russia has decided to maintain its key interest rate at 14%, a move that aligns with analyst expectations ahead of upcoming parliamentary elections. This decision comes as the $2.6 trillion economy faces signs of slowing growth, with projections suggesting only marginal expansion by 2026.
Inflationary pressures have intensified, with the annual rate rising to 6.33% in August. The central bank identified Ukrainian drone attacks on oil refineries as a significant driver of price increases, noting that these strikes caused fuel shortages and increased transportation costs. Non-food goods saw a yearly increase of 6.51%, while services rose by 7.85% annually.
Despite pressure from the business community to lower rates below 12% to stimulate investment, the bank is prioritizing inflation control. Meanwhile, the fiscal deficit improved, dropping to 2.5% of GDP in August from 2.8% in July, supported by high crude oil prices and state revenues. The next major policy assessment is scheduled for October 23.
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Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Inflation rose to 6.33% in August. www.sbctv.gr
- [○ 1 SOURCE] Ukrainian drone attacks on refineries are a key factor in rising prices. www.naftemporiki.gr
- [● 2 SOURCES] The fiscal deficit decreased to 2.5% of GDP in August from 2.8% in July. www.naftemporiki.gr · www.zougla.gr
- [● 2 SOURCES] The Central Bank of Russia maintained the key interest rate at 14%. www.naftemporiki.gr · www.zougla.gr
- [○ 1 SOURCE] The next interest rate assessment meeting is scheduled for October 23. www.zougla.gr