Russian central bank hikes rate as inflation jumps

Russia's central bank on Friday raised interest rates to 19 percent and warning inflation was running too high and it needed to cool the economy.

Inflation was running at an annual rate of 9.05 percent in August, the country's statistics agency said earlier this week. Russia's central bank said in a statement, "further tightening of monetary policy is required to resume the disinflation process, reduce inflation expectations, and ensure the return of inflation to the target in 2025".