Posted 12/15/2023, 3:14:03 PM
Russian Central Bank Hikes Interest Rates to 16% to Fight Inflation As Prices Soar and War Strains Economy
- Russia's central bank raised its key interest rate to 16% to battle high inflationary pressures
- This was the 5th consecutive rate hike since July when the rate was 7.5%
- Central bank head Elvira Nabiullina said tight monetary policy will continue "for a long period"
- Price increases, like a 40% jump in egg prices, are causing problems for consumers
- The war in Ukraine is straining Russia's labor force and making it difficult to boost production