Russia's central bank has today raised its key interest rate by 100 basis points to 16%, hiking borrowing costs for the fifth meeting in a row under stubborn inflation pressure from widespread labour shortages, high lending and the weak rouble. The central bank has now raised rates by 850 basis points since July, including an unscheduled emergency hike in August as the rouble tumbled past 100 to the dollar and the Kremlin called for tighter monetary policy. The bank said pro-inflationary risks over the medium-term horizon remained substantial and warned that stabilising inflation near its 4% target would require high...