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Russia CPI (Aug.)

Russian inflation fell to a post-communist low of 3.3% y/y in August and we expect the headline rate to remain below the central bank’s 4% target over our forecast horizon. We had thought the Bank would resume its easing cycle at next week’s Board meeting with a 25bp cut, but following today’s figure we have pencilled in a 50bp reduction, which would take the policy rate to 8.50%.

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