By 100 basis points, to 19%, the central bank increased from Russia reference interest rate, in a context of persistently high levels inflation.
Analysts cited the Reuters they expected the interest rate to remain constant at 18%.
However, according to Russia’s central bank, the latest inflation data released on Thursday showed that inflation is still elevated.
“Overall, persistent inflationary pressures remain high and have yet to show signs of abating,” the central bank said in a statement.
Inflation data
Seasonally adjusted core inflation accelerated in August to 7.7% from 6.1% in July, according to central bank estimates, with many analysts crediting that rise as the trigger for today’s decision.
Headline inflation slowed to 9.05% in August on an annual basis, slightly lower than the previous month’s 9.13%. Since the beginning of the year, prices have increased by 5.35%.
The latest macroeconomic forecasts showed full-year inflation at 7.3%, well above the central bank’s 4% target.