(MENAFN) According to the Russian economy minister, inflation rate in the country has hit a peak of around 17 labor, as the economic crisis roiling the country takes its toll, Oman Observer reported.
"The peak in inflation has not passed but we have reached the highest point and will probably stay at this level for some time," the minister was reported as saying by Russian news agencies.
Inflation has shot up in Russia as the ruble national currency plummeted in value on the back of Western sanctions over Moscow's role in the Ukraine crisis and falling international oil prices.
Despite the surge in inflation, Russia's central bank cut interest rates this month for the second time since the start of the year as officials downplayed fears of further price hikes.
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