Russia Holds Rates as Attacks by Ukraine Stoke Inflation Risks

-- Russia’s central bank held interest rates unchanged on Friday, as it navigates inflation risks that now include attacks on regions bordering Ukraine.China Scrutinizes PwC Role in $78 Billion Evergrande Fraud Case

Regions including Belgorod and Kursk have faced drone and missile attacks in recent weeks as Ukraine mounts a campaign targeting infrastructure and industrial facilities including oil installations to try to undermine Russia’s war machine. In addition, the fact that the presidential election has passed means that price controls in general may weaken, according to Dmitry Polevoy, investment director at Astra Asset Management.

Meanwhile inflation expectations among households dropped in March for the third straight month to 11.5% from their December peak of 14.2%. That indicator has traditionally served as one of the main barometers of price pressure for policymakers.Inflation expectations are still too high for the central bank to change course, Polevoy said before the rate announcement. “A test lies ahead in the form of a possible price increase for fuel” due to attacks on refineries, he said.

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