* This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine

ST PETERSBURG, July 3 (Reuters) - Russia's central bank will do everything to contain inflation and prevent the economy from overheating further, Governor Elvira Nabiullina said on Wednesday, as data showed consumer prices soaring by 0.66% in the past week alone.

The sharp jump in consumer prices from June 25 to July 1, reported by federal statistics service Rosstat, was mainly due to the indexation of housing and utilities tariffs, but still highlighted the extent of the challenge facing the central bank as it grapples with runaway inflation.

Analysts polled by Reuters this week expect the bank to hike rates by 200 basis points to 18% when it next meets on July 26. Annual inflation is already running at more than double the central bank's 4% inflation target.

"Inflation is a very harmful thing, both economically and socially. We will do everything we can to make it predictably low," Nabiullina told a financial forum in St Petersburg, adding that Russia needed to control inflation in order to secure long-term funding for its economy.

Nabiullina has faced criticism for the restrictively high cost of borrowing, but stood her ground when pushed on Wednesday by Russian aluminium tycoon Oleg Deripaska.

Nabiullina pointed to the example of Turkey, which like Russia is struggling with high inflation but, unlike Russia, is not under Western sanctions and still has access to international capital markets.

Turkey's attempts to lower rates while inflation is high were "economic experiments" that Russia could not afford to make.

"I do not want economic growth rates to be provided for by the population paying more for goods and services," Nabiullina said. "It is unacceptable."

When Deripaska complained about prohibitively high interest rates stifling investment, Nabiullina turned to the heads of Russia's two largest banks, Sberbank's German Gref and VTB's Andrei Kostin, who agreed that lowering borrowing costs would have terrible consequences.

"It would be a signal to all banks, in general to the whole economy, that our last sensible institution called the central bank had had some serious malfunction," Gref said. (Reporting by Elena Fabrichnaya in St Petersburg, Gleb Bryanski in Moscow, Darya Korsunskaya in London; Writing by Alexander Marrow Editing by Gareth Jones)