“Russia’s central bank will probably refrain from cutting interest rates for a 14th month after a surprise pickup in consumer-price growth last month hurt its struggle to slow inflation to within its target band. Policy makers led by Elvira Nabiullina, who took over as central bank chairman in June, have kept interest rates steady since September 2012 even as the economy of the world’s largest energy exporter has its worst slowdown in four years. Rising food prices after rain delayed the grain harvest and Russia banned pork imports from Belarus. The economy grew 1.2 percent from a year earlier in the second quarter, the worst result since the last three months of 2009.”
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