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CHELYABINSK, Russia (Sputnik) – The policy of increasing the key rate pursued by the Bank of Russia is already working, as the annual inflation is slowing down, Russian Deputy Prime Minister Alexander Novak said on Friday, adding that it amounted to 8% on November 1.
«It is clear that the Central Bank is raising it [the key rate] and pursuing a tough monetary policy, as we see, in order to bring down the inflationary process, inflationary expectations. In my opinion, in principle, it is already working,» Novak said at the Russian Economic Forum.
Peak inflation, which was somewhere around 9.2% year-on-year in July, is now gradually decreasing, the official said, adding that it was 8% as of November 1.
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