Bank Indonesia hiked its benchmark interest rate by 25 basis points to 7.75% today, moving quickly to contain inflation after the government raised fuel prices more than 30%.

This raise, the first since November 2013, was decided in an extraordinary meeting of the central bank's board of governors, just five days after its last regular meeting, where the governors agreed to hold policy.

With today's rate hike the institution expects to "anchor inflation expectation and to ensure that