Russia Consumer Prices (Feb.)

Russian inflation rose to 9.2% y/y in February and, more importantly, the weekly CPI figures up to 4^th March (also just released) show that the collapse in the ruble led to a particularly sharp 2.2% w/w rise in consumer prices, which was more than twice the rate seen during the collapses in the ruble in 2008/09 or in 2014/15. It looks increasingly likely that inflation will surge towards 20% y/y this year.