MOSCOW (Reuters – Russia’s annual inflation accelerated to a nearly six-year high of 8.38% in November. This was weeks before a meeting of the central bank where rates are expected to rise to restrain stubbornly rising consumer costs, according to data from economy ministry on Wednesday.

Rosstat data revealed that inflation rose to 0.466% from 0.20% the previous week. This puts pressure on Bank of Russia, which is expected to increase lending costs sharply.

Rosstat reports that the weekly rise in consumer prices is due to higher food prices and a sharp uptake in New Year’s tours to Turkey.

President Vladimir Putin https://www.reuters.com/markets/europe/russian-cenbank-consider-rate-hike-up-100-bps-december-says-governor-2021-11-30 said on Tuesday inflation was a serious problem, especially for people with low incomes, calling for pre-emptive measures.

Elvira Nabiullina, the chief central bank officer, stated this week that the key rate of interest could be increased from 7.5% to up to 100 basis points at the Dec. 17 board meeting. She said this because inflation is still near the top end of its forecast range.

Russia raised its key rate six more times this year to 4.25% from an all-time low. But, inflation has remained above 8% each year and is still well above the target of 4%.