Annual Inflation in Russia Slows to Reach 6.5%

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The economy ministry stated on Wednesday, two days before the central bank’s rate-setting meeting, that annual inflation in Russia had fallen to 6.5 percent as of July 19, down from 6.56 percent as of July 12, Reuters reports.

The bank, which raised rates to 5.5 percent at its meeting last month, is largely likely to raise rates again on Friday, with market estimates leaning toward a 100 basis point boost to 6.5 percent, according to a Reuters poll released on Monday.