The first increase since December comes amid growing inflationary pressure, according to the regulator The Bank of Russia has raised its key interest rate from 16% to 18%, citing inflationary pressures. Domestic demand continues to exceed the economy’s capacity to produce goods and services to meet it, the regulator said in a statement on Friday. Inflation has accelerated and is running substantially above the bank’s April forecast, the statement added. The Bank of Russia has “substantially revised” its inflation forecast, predicting an overall rate of 6.5-7.0% in the current year. Inflation in June stood at 8.6
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