Russian consumers feel themselves in a tight spot as high inflation persists

MOSCOW (AP) — The shelves at Moscow supermarkets are full of fruit and vegetables, cheese and meat. But many of the shoppers look at the selection with dismay as inflation makes their wallets feel empty. Russia’s Central Bank has raised its key lending rate four times this year to try to get inflation under control and stabilize the ruble’s exchange rate as the economy weathers the effects of Russia’s military operation in Ukraine and the Western sanctions imposed as a consequence. The Central bank now forecasts inflation for the full year, as well as next year, to be about 7.5%. Although that rate is high, it may be an understatement.