Bucking the global trend, Russia lowers interest rates again.
Moving in the opposite direction to much of the rest of the world, Russia’s central bank lowered its interest rate 1.5 percentage points to 8 percent on Friday, taking it even lower than it was before the country invaded Ukraine.

The bank said inflation, which fell to 15.9 percent last month from about 17 percent in May, was slowing in the country because of “subdued” consumer demand and the strength of the ruble, which reached a seven-year high against the dollar last month. The rate cut was larger than economists had expected.

Since Russia’s invasion of Ukraine in February, energy and food prices across the globe have soared as the war has disrupted the export of wheat and other commodities, while nations can no longer be assured of the security of Russia’s supply of natural gas.