Inflation in Russia Hits 6.7%, Highest Level Since February as Weak Ruble and Military Spending Drive Up Prices
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Russia's annual inflation rate accelerated to 6.7% in October, the highest level since February and well above the official 4% target.
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Weak currency and surging military spending are pushing prices higher across the economy.
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President Putin has urged the government to "reduce" inflation amid rising concern.
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Russia's GDP is still expected to expand 3% this year, but independent economists point to high inflation as a sign of deeper problems.
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Defense spending will rise 70% next year to a post-Soviet record of 6% of GDP, limiting Russia's ability to tame inflation.