Central Bank of Russia raises refinancing rate

The Central Bank of Russia raised refinancing rate up to 8,25% today. Since December 2011 and till September 13, 2012, it was equal to 8%.

“The abovementioned decision is made in connection with rise of prices and inflation expectations” – PR department of the Central Bank of Russia reports.

It is also said in the department’s release that inflation exceeded the upper level of the range, determined in 2012, and reached 6,3%. “Acceleration of the rise of food prices and ongoing previously planned rise of regulated prices and tariffs have played the key role in the increase of the annual inflation level” – the Central Bank of Russia stated.

Gradual acceleration of basic inflation, which level reached 5,5% in August, was observed in the country in the course of last months. Besides, reduction of growth of investments in fixed capital and slowing of annual rate of retail trade circulation are registered since July. At the same time certain restoration of industrial production dynamics and preservation of rather positive moods among manufacturers are observed too.

The next gathering of the board of directors of the Central Bank of Russia, where problems of monetary-credit policy are to be considered, expected to take place in the first decade of October 2012.