The softer-than-expected Russian inflation figure for January, of 5.0% y/y, is likely to temper some of the central bank’s hawkish rhetoric when the Board meets on Friday. Given the central bank’s tendency to respond to rising inflation (and expectations), one more hike in the central bank’s tightening cycle is still a possibility over the coming months. But attention is likely to turn back to rate cuts later in the year.
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