Russia’s annual inflation rises to 7.5%
Russia’s inflation rose to 7.5 percent year-on-year in June from the same month a year ago, compared to 7.3 percent year-on-year inMay, the Russian State Statistics Service said. Monthly inflation stood at 0.4 percent, unchanged from the previous month, it said in a report. Russia recorded a double-digit annual inflation rate throughout last year due to crumbling oil prices coupled with the impact ofWestern sanctions. Price hikes have only abated in recent months. The country’s central bank lowered its key interest rate by 0.5 percentage points last month to 10.5 percent.