Posted 1/12/2024, 4:40:30 PM
Russian Inflation Eases Slightly But Remains High Ahead of Elections
- Russia's annual inflation rate unexpectedly slowed to 7.4% in December, down from 7.5% in November
- The rate is still well above the Central Bank's 4% target; the Bank hiked interest rates to 16% last month to tame price increases
- Inflation has been a major concern for the Central Bank and Kremlin ahead of March presidential elections
- Worker shortages post-mobilization have put further upward pressure on prices
- Russia scrapped import duty on eggs in December after prices rose 40%, concerning the public