The Bank of Russia is ready to consider a key interest rate increase of 25 basis points to 1 percentage point in July, Governor Elvira Nabiullina said in a Bloomberg TV interview.

Inflation in Russia has accelerated “markedly” and more rate increases may be necessary to contain it, Nabiullina said. The central bank is seeking a fast but predictable approach on rates and current policy remains accommodative, she said.

Russia’s central bank is struggling to control inflation that recently surged above 6%. It has increased interest rates by 125 basis points since March and warned that more monetary tightening will be necessary as soon as next month to curb price pressures and restrain inflation expectations.

— With assistance by Andrey Biryukov