Russian Inflation Soars to Six Percent as Ruble Weakens

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Russian inflation rose to six percent in September, according to data released by the national statistics agency Rosstat on Wednesday. The increase was driven by a sharp rise in food and energy prices, as well as the weakening of the ruble.

The ruble has lost more than half of its value against the US dollar since the start of the year, due to a combination of Western sanctions and falling oil and gas revenues. The weak ruble has made imports more expensive, contributing to the rise in inflation.

The Russian government has taken steps to try to control inflation, including raising interest rates and limiting exports of certain goods. However, analysts say that the full impact of the sanctions is still to be felt and that inflation is likely to remain high in the coming months.

The weak ruble is also having a negative impact on the Russian economy as a whole. It is making it more difficult for Russian businesses to operate and invest, and it is also reducing the purchasing power of Russian consumers.

The Russian economy is expected to contract by up to 5% this year, according to the International Monetary Fund. This would be the first recession in Russia since 2009.

President Vladimir Putin has downplayed the economic challenges facing Russia, saying that the economy is "stable" and that the sanctions are having "no effect." However, most economists believe that the sanctions are having a significant impact on the Russian economy and that the country is facing a difficult economic outlook.

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