Russia central bank held its key interest rate at 7.5% for the sixth straight decision. However, potential rate hikes are on the horizon due to increased inflationary risks. Factors contributing to inflation include the aftermath of the war, recovering consumer demand, a weaker ruble, and increased production costs due to labor force disruption and capacity pressures. The bank anticipates inflation to range 4.5-6.5% this year, then stabilize at 4%. Economic activity has also surpassed expectations.