Russia’s Economic Ministry issues bleak economic stress test scenario
23 hours ago
Estonia's consumer price index (CPI) dropped 0.1% in annual terms in July, data from Statistics Estonia showed on August 5.
The reading prolongs a trend of deflation that has run virtually uninterrupted for 18 months, with only a brief break in May 2015. At the same time, the pace of deflation has been slowing down since May this year, and the July reading puts the CPI drop at its slowest in over 12 months. In June, prices fell 0.4%.
In monthly terms, consumer prices did not change in July, after expanding 0.3% the previous month. As through the past year or more, falling prices in the transport and energy and fuel sectors did the most to drive deflation. Prices in transport fell 5.1% on the year, including a 10.6% drop of petrol prices and 4.6% reduction in prices of diesel.
In the energy sector, heat and gas prices fell by 9.5% and 15.2%, respectively, while electricity became 4.6% cheaper. Food prices grew 1.1%, while prices of clothing and footwear expanded 5.8%.
Estonian CPI is predicted to finish the year at 0.8%, according to the European Commission’s spring economic forecast. The forecast is a revision from the 1% forecast in winter, but still appears somewhat high.
Related Content
Data
Russia’s Economic Ministry issues bleak economic stress test scenario
Russia's Finance Ministry ran an extreme stress test on the economy for this year that assumes zero growth, a weakening ruble and falling oil and gas revenues in the worst-case scenario.
Moldova’s industrial output shows signs of recovery in February
More abundant and cheaper gas this year creates opportunity for resumption of industrial activity in Moldova.
Russia’s CBR maintains key rate at 16%
The board of the Central Bank of Russia (CBR) resolved to keep the key interest rate unchanged at 16% at the policy meeting on April 26, making a third meeting in a row that the rate is maintained flat.
NBU cuts rates 100bp to 13.5% on falling inflation
The National Bank of Ukraine (NBU) lowered the key policy rate by 100bp to 13.5% on April 25 and improved its inflation forecast as price pressure ease.
Turkey keeps policy rate constant at 50%
Central bank is, notably, no longer talking about building up its reserves in parallel with so-called monetary framework simplification policy.
Most Read
-
Cheap Russian drones overwhelm US-made Abrams tanks, taken out of action
3 days ago
-
Police use pepper spray on demonstrators in Tbilisi protesting against foreign agents law
1 day ago
-
It’s no slip-up, there are almost no bananas in Turkmenistan
2 days ago
-
Europe’s top human rights body has no plans to sanction Turkey over failure to free Kavala
1 day ago
-
Gaza aid flotilla unable to depart Turkey after Guinea-Bissau withdraws vessel flagging
1 day ago
-
The models are wrong, climate change is accelerating faster than predicted
5 days ago
-
EU finally boosts defence investment into arms production as Ukraine runs out of ammo
1 month ago
-
Don't mention the "D" word - Ukraine
9 days ago
-
The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
7 days ago
-
Europe unlikely to tackle Russian LNG imports anytime soon
7 days ago
-
Russia could pay off its entire external debt tomorrow, in cash
30 days ago
-
Albanians campaign on social media to keep bus bridge created in freak accident
1 year ago
-
BRICS announce a blockchain-based payment system to create a common currency
1 month ago
-
Saudi Arabia to scale back plans for Neom city
20 days ago
-
Iran vs Israel: Who is better equipped for war?
16 days ago