On 11 February 2022, the Bank of Russia Board of Directors decided to increase the key rate by 100 b.p. to 9.50% per annum. 
Inflation is developing appreciably above the Bank of Russia’s October forecast. 
Expanding demand continues to exceed the capacity to build up output. Given the limited nature of available labour resources, the rapid recovery of economic activity exacerbates inflationary pressure. 

The situation in the global commodity markets remains proinflationary. Inflation expectations do not decline so far, hitting multi-year highs. In this environment, the balance of risks has tilted even more towards proinflationary ones. 

The Bank of Russia’s monetary policy stance is aimed to return inflation to 4%. 

The Bank of Russia Board of Directors will hold its next key rate review meeting on 18 March 2022. The Board decision press release is to be published at 13:30 Moscow time.