The 7.6% m/m rise in consumer prices in Russia in March was the highest monthly increase since the 1990s. It pushed the headline inflation rate up to 16.7% y/y and we think it will rise towards 23% y/y in the coming months. But with m/m price dynamics set to stabilise from this month, the central bank will follow up today’s 300bp interest rate cut with further easing in the coming months.
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