Bank of Russia hikes interest rates amid growing signs of stagflation

Bank of Russia

The Bank of Russia has raised its key interest rate by 50 basis points to 7.5%, citing higher inflation risks. The increase follows a 150bps hike last month and the bank stresses it does not intend to lower rates "in the coming months".

"The probability of inflation exceeding the 5% target at the end of 2014 has increased substantially," the central bank said today in a statement, attributing the rise to a weaker ruble, increased inflation expectations and "unfavourable conditions in the markets

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