Russia’s CBR ups key interest rate by whopping 200bp to 18%, increases GDP growth forecast to 3.5% for 2024
12 hours ago
Industrial prices in Romania (chart) increased by 2.4% in September-October 2023, after they plunged by 6.1% during February-June and stayed flat during the summer, according to the statistics office INS.
Energy prices remain the major driver and they increased by 5.3% in September.
Energy prices are still 4% below the peak levels reached in January-March, but they stabilised at a high level rather than further dropping towards the “old normal”. The prolongation of the war in Ukraine and the complications in the Middle East are not supportive of lowering energy prices soon, with a negative impact on consumer price inflation and capacity utilisation in industry.
In annual terms, the factory-gate inflation remains negative (-2.2% y/y) in October for the fourth month in a row but this doesn’t much help the energy-intensive industries that still can’t afford to resume operations at full capacity due to the high cost of energy in absolute terms.
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Russia’s CBR ups key interest rate by whopping 200bp to 18%, increases GDP growth forecast to 3.5% for 2024
The board of the Central Bank of Russia (CBR) increased the key interest rate by 2 percentage points from 16% to 18%, in line with consensus expectations at the policy meeting on July 26. - the first hike since December 2023.
The NBU keeps rates on hold at 13% due to rising inflation pressure
The National Bank of Ukraine (NBU) has decided to maintain its key policy rate at 13% on July 25, halting a series of three consecutive rate cuts.
Moldova's pro-Russian separatist Transnistria sends 80% of its exports to the EU
War in Ukraine forced Transnistrian exporters to focus on Western markets as routes to Russia blocked.
How energy intensive are data centers?
While countries like China and the United States had the highest electricity demand by a considerable margin, a new player that rivals the consumption of some of the biggest economies and is bolstered by the ongoing AI hype and data center use.
Hungarian central bank moves in line with forecast with 25bp rate cut
The central bank is likely to carry out 1-2 more rate cuts this year, bringing the rate to 6.25-6.50%, which would still be the highest among its CEE peers.
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