It noted that inflationary risks have been driven by high inflation expectations and changing trade terms as a result of “geopolitical tensions,” a reference to Western sanctions against Russia over its action in Ukraine.
It said annual inflation grew from 8.6% in June to 9.0% in July, reflecting an increase in utility costs that took effect starting this month.
The bank revised the inflation forecast for this year and said it might consider further increases in the key rate at its upcoming meetings. It noted that returning inflation to the 4% target “requires considerably tighter monetary conditions than presumed earlier.”
so ......things in russia are terrible .....sanctions actually ARE having a big effect .....inflation is out of control and the people will be becoming less and less happy with this war that is slowly destroying russia .
