The small rise in Russian inflation, to 5.3% y/y last month, should help to reassure the central bank that January’s VAT hike hasn’t translated into a marked strengthening of price pressures. Inflation has now probably peaked and should decline in the coming months. As a result, we continue to think the next move in interest rates will be down, probably towards the end of the year.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services