Nabiullina Says Fuel Crisis Lifts Inflation as Russia Cuts Key Rate
Updated
Updated · Meduza · Jul 24
Nabiullina Says Fuel Crisis Lifts Inflation as Russia Cuts Key Rate
3 articles · Updated · Meduza · Jul 24
Summary
Elvira Nabiullina said Russia’s fuel crisis is now pushing up prices across a wide range of goods and services, broadening inflation beyond the energy market.
The central bank chief called that acceleration temporary and said inflation expectations could ease once fuel supplies stabilize, adding the market is already gradually normalizing.
Russia’s central bank made the comments after cutting its key interest rate, while still citing elevated inflation expectations among the factors behind the decision.
Ukrainian drone strikes on major Russian oil refineries have been a main driver of the shortage, prompting regional gasoline purchase limits and higher pump prices.