Balancing inflation and the ruble

The move by Russia’s central bank to lift the refinancing rate at its last meeting brought economic focus back to inflation, with crude and commodity prices, the ruble, and the economic recovery all factors to be balanced in the response.
Inflation took off in January, with the surge in crude prices and commodities generally leading to fears it could go higher. Vladimir Tikhomirov, Chief economist at Otkritie says the full inflationary impact of the recent surge in oil prices has yet to be felt.