This is an automated archive made by the Lemmit Bot.
The original was posted on /r/worldnews by /u/3kOlen on 2023-10-27 15:19:39.
Russia raises interest rate to 15% after steep climb in inflation
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Russia’s central bank has increased interest rates by more than expected to 15% after the war-torn economy suffered a steep rise in inflation.
The economy’s limited capacity to respond to an increase in consumer demand was blamed by the bank for the rise in inflation to 6.6% in October from 6% in the previous month.
This means that a steady rise in domestic demand is progressively exceeding the capabilities to expand the production of goods and the provision of services.
The central bank governor, Elvira Nabiullina, said that while the situation in the Middle East had clouded the outlook, she had no choice but to counteract the inflationary effect of Moscow’s budget increases.
Consumers have more to spend after an increase by Moscow in welfare benefit payments to families and older people, seen by many analysts as an effort by the president, Vladimir Putin, to shore up domestic support for the war.
The National Bank of Ukraine was able this month to cut interest rates by four percentage points to 16%, deeper than the 18% forecast in a Bloomberg survey.
The original article contains 566 words, the summary contains 180 words. Saved 68%. I’m a bot and I’m open source!