Russia raises interest rate to 15% after steep climb in inflation

The Russian central bank said inflationary pressures had increased to a level above its expectations. Photograph: Maxim Shemetov/Reuters

Russia’s central bank has increased interest rates by more than expected, to 15%, after a steep rise in inflation.

The bank blamed the war-torn economy’s limited capacity to respond to an increase in consumer demand for the rise in inflation to 6.6% in October, from 6% in the previous month.