Russia's inflation rate so far this year is 9.5%

The latest weekly data released by the Russian Federal Statistics Service on Wednesday showed that Russia's consumer price index rose by 0.33% in the week ending December 23, bringing the inflation rate so far this year to 9.5%. The data came after the Central Bank of Russia unexpectedly decided last week to keep its key interest rate unchanged at 21%. The regulator said the recent tightening policy created favorable conditions for reducing inflation to the target of 4%. Andrei Gangan, head of the monetary policy department of the Central Bank of Russia, said that Russia's full-year inflation rate will be between 9.6% and 9.8%.