Russia Raises Interest Rates to 15% as Inflation Soars to 6.6%

Russia's central bank raised interest rates to 15% due to high inflation of 6.6% in October, exceeding expectations.

Inflation is expected to keep rising to 7.5% by year-end before falling back to 4% in 2022.

Price growth averaged 12.1% in Q3, up from 5.1% in Q2, showing rising pressures on Russian businesses.

Russia's limited manufacturing capacity struggles to meet rising consumer demand amid the war economy.

The ruble has weakened significantly, raising import costs and further fueling inflation.