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Russia CPI (Jan.)

The sharp fall in Russian inflation in January can be explained by the fact that the effects of the collapse in the ruble at the end of 2014 and start of 2015 fell out of the annual comparison. However, the respite is likely to be brief. Base effects are likely to become less favourable once again by Q2, meaning inflation could bounce – and that the central bank is unlikely to loosen monetary policy in the near future.

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