Sopa Images | Lightrocket | Getty ImagesRussia's central bank is expected to carry out a mammoth rate hike later this week as inflation continues to soar in the war-focused economy.
Russia's consumer price index continues to rise despite repeated rate hikes by the central bank designed to tame the rampant price rises.
Economists now expect Russia's central bank, the CBR, to hike rates by 200 basis points at its meeting on Dec. 20 — taking the country's key interest rate to 23%.
Price risesThe central bank enacted a 200 basis point rate hike at its last meeting in October, warning that inflation was running "considerably above" its summer forecast and that inflation expectations continue to increase.
The government, however, blames the high cost of living on sanctions imposed on Russia by "unfriendly" countries.
Persons:
—, Liam Peach, Peach, Price, Vladimir Putin, Sergey Pivovarov, Putin
Organizations:
Getty, Capital Economics, Monetary Fund, Bloomberg, greenback, . Treasury, RIA Novosti, Russian
Locations:
St . Petersburg, Russia, Ukraine, Russian, Moscow, Bataysk, Rostov