The head of\u00a0Russia\u2019s central bank, Elvira Nabiullina, acknowledged that the country\u2019s fuel crisis has driven up\u00a0inflation.<\/p>\n
\u201cCurrent data indicate that rising fuel prices are starting to\u00a0spread to\u00a0prices across a\u00a0wide range of\u00a0goods and services,\u201d Nabiullina said, adding that the central bank views the acceleration in\u00a0price growth as\u00a0\u201ctemporary.\u201d<\/p>\n
Nabiullina made the remarks at\u00a0a\u00a0press conference after Russia\u2019s central bank announced a\u00a0cut to\u00a0its key interest rate<\/a>, citing high inflation expectations, among other factors, as\u00a0one reason for the move.<\/p>\n \u201cAs\u00a0the situation on\u00a0the fuel market stabilizes, inflation expectations could decline. That\u2019s roughly how they reacted to\u00a0the VAT increase: after a\u00a0brief spike, expectations adjusted fairly quickly,\u201d she said.<\/p>\n The fuel market situation is\u00a0already \u201cgradually normalizing,\u201d Nabiullina said.<\/p>\n One of\u00a0the main causes of\u00a0the fuel crisis continuing in\u00a0Russia has been Ukrainian drone strikes on\u00a0the country\u2019s largest oil refineries. Russian regions have introduced various restrictions on\u00a0gasoline purchases, including limits on\u00a0the amount of\u00a0fuel per car per fill-up and QR\u00a0codes. Amid the shortage, gas prices have risen. Russian authorities have repeatedly said in\u00a0recent weeks that the situation on\u00a0the fuel market will stabilize soon.<\/p>\n At\u00a0Meduza, we\u00a0are committed to\u00a0transparency about our use of\u00a0artificial intelligence in\u00a0the newsroom. The story you\u2019re reading was written by\u00a0one of\u00a0our living, breathing journalists and translated from Russian using an\u00a0AI\u00a0model configured to\u00a0follow our strict editorial standards. This translation process is\u00a0the result of\u00a0extensive testing and refinements to\u00a0ensure our English-language coverage is\u00a0timely and accurate. A\u00a0Meduza editor reviews every draft before publication.<\/p>\n If\u00a0you find any errors in\u00a0this translation, please contact us\u00a0at\u00a0[email\u00a0protected]<\/a>.<\/p>\n