The latest wage data released out of Poland and Hungary this week showed that labour cost pressures have remained very strong in parts of Central and Eastern Europe (CEE). So despite another slew of weaker-than-expected consumer price data for January, we think that the battle to contain inflation is not yet over. Meanwhile, the sanctions package announced by the US today falls short of imposing very tough secondary sanctions and choking off Russia’s key export sectors, so we doubt that it will have a meaningful impact on Russia's economy.
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