Russia braced for mammoth rate hike amid fears it's losing the battle against inflation

Russia’s central bank is expected to implement a significant rate hike this week to combat soaring inflation in the war-impacted economy, despite previous efforts to control rising prices. In November, the consumer price index rose to 8.9%, driven by escalating food prices and a weaker ruble due to recent U.S. sanctions, exacerbating the economic challenges faced by Russia following its invasion of Ukraine in 2022.

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