The Bank of Russia increased interest rates for the first time since 2018 and said further hikes are likely after inflation accelerated faster than expected. The benchmark rate was raised 25 basis points to 4.5% on Friday. Just three analysts in a Bloomberg survey of 41 economists forecast the move, with the rest predicting a hold. Bloomberg reported earlier this week that the rate could be raised to 5.5% by the end of the year. The central bank considered a bigger increase yesterday, but decided that policy changes should be gradual, Governor Elvira Nabiullina, said at a news briefing after the decision. “Time is of the essence,” she said. “If you postpone a rate hike, inflation may accele
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