On Monday, the Russian central bank reported that households’ inflationary expectations for the coming year increased to 11.1% from 10.2% in June, just days before it is likely to increase its benchmark interest rate from 7.5%.

A Reuters poll conducted on Monday predicted that the Bank of Russia would raise rates to 8% at its meeting on Friday, increasing borrowing costs for the first time in over a year as the precipitous decline of the rouble fuels inflation.

The central bank’s inflation objective for next year is 4%. This year, 4.5% to 6.5% inflation is anticipated.

Elena Fabrichnaya and Alexander Marrow were responsible for reporting; Hugh Lawson edited.