Russia’s Central Bank on Friday raised its key interest rate from 18% to 19%, a widely anticipated move as the country struggles to cool down inflation amid soaring military spending for the war in Ukraine. “Current inflationary pressures remain high. By the end of 2024, annual inflation is likely to exceed the July forecast range of 6.5–7.0%,” the bank said in a statement. “Growth in domestic demand is still significantly outstripping the capabilities to expand the supply of goods and services.” For that reason, the bank explained, “further tightening of monetary policy is required” so that t…