moscow jan 26 reuters  russias consumer inflation accelerated to 864 as of jan 21 the economy ministry said on wednesday up from 862 a week earlier as russia continues to grapple with rising prices amid a wider market rout due to escalating tensions over ukraine the central bank raised its key interest rate seven times in 2021 to 850 from 425 and analysts anticipate another hike at the next ratesetting meeting on feb 11 inflation which is hovering near its highest levels since early 2016 and well above the banks 4 target has become an acute problem for russia denting living standards and prompting president vladimir putin to call for preemptive measures the rouble plunged to a near 15month low on wednesday with western nations promising hefty sanctions should russia invade ukraine something moscow has repeatedly denied russian stocks and bonds have also been hit hard read more while supportive of budget revenues a weaker rouble contributes to inflation some analysts expect the central bank to hike by 100 basis points to 95 in february read more earlier this month putin called for an 86 rise in public pensions this year above the inflation rate further increasing state social spending from last year read more russias upper house of parliament the federation council on wednesday approved amendments to allow for that move all that remains is for putin to sign it into law the central bank expects annual inflation to slow towards its target by the end of this year reporting by darya korsunskaya writing by alexander marrow editing by katya golubkova and jonathan oatis