MOSCOW (Reuters) – Consumer inflation in Russia accelerated to 8.82% in year-on-year terms as of Jan. 28, its highest since early 2016, the economy ministry said on Wednesday, adding pressure on the central bank to opt for a larger rate increase next week.
The central bank is expected to raise its key interest rate by a hefty 100 basis points to 9.5% on Feb. 11 as inflation, which it targets at 4%, shows little signs of slowing.
In the week to Jan. 28, consumer prices rose 0.19%, data from Russia’s statistics service showed.
(Reporting by Andrey Ostroukh; Editing by Mark Heinrich)
