Russia's annual inflation accelerated to 5.6 percent in July from 4.3 percent in June, the Federal Statistics Service said Friday.
Month-on-month, consumer prices climbed 1.2 percent, faster than the 0.9 percent increase a month ago.
The central bank maintained its key rate at 8 percent for the seventh successive month in July. The central bank aims to keep inflation at or below 6 percent.
Considering recent domestic and international macroeconomic developments, the bank said the current level of interest rates is appropriate for the near future.
The International Monetary Fund on Thursday recommended a gradual further tightening of monetary policy to contain underlying pressures and anchor expectations. The lender also urged Russia to adopt ambitious fiscal consolidation path to reduce overheating pressures.
by RTT Staff Writer
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