The Bank of Russia issued a statement saying that it had cut a key interest rate by 150 basis points to 9.50 percent per annum, or annually.
While Russia's Central Bank announced a"faster" slowing of inflation and smaller-than-expected decline in economic activity on Friday, the U.S. Labor Department reported the highest year-over-year Consumer Price Index increase in 40 years.
While it acknowledged that the"external environment for the Russian economy remains challenging," it said that"inflation is slowing faster and the decline in economic activity is of a smaller magnitude than the Bank of Russia expected in April."CPI increased 8.6 percent in the year ending in May. It was the"largest 12-month increase since the period ending December 1981," the bureau said.
While the two countries' newly-reported inflation changes cannot be linked, they provide more insight into the current economic standing of two major players in the diplomatic fallout of the Russia-Ukraine war. Following the widely-condemned invasion of Ukraine in late February, the U.S. and other western countries moved to impose unprecedented sanctions on Russia, including a
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