The sharpness of the dilemma has a lot to do with sanctions. The west's economic response to the conflict in Ukraine has aggravated both inflation and the economic weakness.

The impact on inflation is through the value of the Russian currency. It has been undermined by nervous Russians and others getting their money out due to fear of the impact of sanctions. The precipitous fall in the Rouble's value in turn pushes up the price of imported goods.

If the west wanted evidence that sanctions are making a difference, it's plain to see in the conflicting pressures facing Russia's central bank.

-Andrew Walker, BBC economics correspondent. The Russian central bank raised interest rates a full percentage point today, to 10.5%.