(Bloomberg) -- The Bank of Russia will consider an increase in its key rate of as much as 100 basis points at its next meeting on Dec. 17 as inflation continues to run at double its target, Governor Elvira Nabiullina said.

“The range is from zero to 100” basis points, she told reporters. “Inflation is running at the high end of our forecast and we will take that into account,” she added, noting that keeping the rate unchanged is the least likely scenario. 

The Bank of Russia has raised its key rate 325 basis points this year, with a 75 basis-point hike at the meeting last month. Inflation is running over 8%, the highest since January 2016. 

Nabiullina said it’s too early to assess the impact of the Omicron Covid-19 variant on monetary policy. She also said there’s no reason for the central bank to suspend its regular foreign-exchange purchases despite the recent drop in the ruble.

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