Russia Raises Interest Rates to 9.5%

BBC: Russia's central bank has raised its key interest rate to 9.5% from 8% as it seeks to tackle inflation.

The 1.5 percentage point increase was higher than expected, with analysts having forecast a rise of 0.5 percentage points.

The bank has already raised rates from 5.5% at the start of the year but the moves have failed to combat inflation.

A weak rouble and a ban on western food imports has kept inflation stubbornly high. » | Friday, October 31, 2014