Posted 3/22/2024, 1:19:30 PM
Russian Central Bank Holds Interest Rates Steady at 16% as Inflation Remains High
- Russia's Central Bank left interest rates unchanged at 16% amid high inflation and labor shortages
- Rates have been hiked over past year to ease price pressures, but more time needed to judge if working
- Inflation risks still tilted to the upside; prices rose 7.7% year-over-year in February
- War spending has shielded economy from sharp downturn, but mobilization worsening labor shortages
- Tight labor market pushing wages and prices higher, especially in services sector
