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International Business Times
International Business Times
World
AFP News

Russian Central Bank Hikes Rate As Inflation Jumps

Inflation Russia Economy Ukraine Elvira Nabiullina Interest Rates
Inflation means Russian consumers can buy less with their rubles (Credit: AFP)

Russia's central bank on Friday raised interest rates to 19 percent amid the country's ongoing Ukraine offensive, warning inflation was running too high and it needed to cool the economy.

Inflation was running at an annual rate of 9.05 percent in August, the country's statistics agency said earlier this week.

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