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Russia Consumer Prices (Apr.)

Russian inflation continued to defy expectations in April as it slumped to a joint three-year low of 2.3% y/y, which will comfort the central bank. But it is a puzzle as to why inflation pressures remain so soft. We still think that price pressures will strengthen in the coming months, with inflation ending 2023 above 6% y/y and prompting the central bank to raise interest rates later this year.

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