Russia’s central bank increased its key interest rate by 100 bps, in line with expectations, following a substantial emergency hike of 350 bps in August. The move comes amid rising inflation rates, which stood at 5.15% YoY in August, exceeding both the central bank’s target of 4% and last year’s rate of 4.3%. Governor Elvira Nabiullina indicated that the higher rates are expected to remain in place for an extended period to combat inflation.