Russia hikes interest rate for 4th time this year as inflation persists

MOSCOW (AP) — Russia’s Central Bank has raised its key lending rate for the fourth time in half a year in an effort to bring down surging inflation. The bank raised the rate on Friday to 15%, up 200 basis points. The interest rate in the first half of the year was 7.5%. The bank said in a statement that current inflationary pressures have significantly increased above its expectations. It said that in the third quarter of the year, seasonally adjusted price growth exceeded an annualized 12%. The bank says inflation for the year is expected to be about 7% before falling to about 4% in 2024.