Vladimir Putin’s tit-for-tat sanctions against food imports from the West have driven consumer price inflation in Russia to 8% in September — its highest point for three years and way above the Russian central bank’s target of 5-6%. The figures will be a headache for policymakers faced with a sluggish economy on the one hand, struggling under Western sanctions imposed due to Russia’s role in the ongoing crisis in Ukraine, and swiftly rising prices on the other. Last month Putin backed price freezes for natural gas, power and rail in 2014 in an effort to restrain inflation, but …read more
Source: Business Insider
