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Serbia to repatriate entire gold reserve amid global uncertainty
17 hours ago
Russia's consumer prices fell by 0.05% week on week during the week of July 15 to July 21, following a slight increase of 0.02% the week before, according to the latest data from RosStat.
Notably, this marks the first weekly deflation reading since September 2024.
As followed by bne IntelliNews, rapid disinflation in July defied the negative impact of tariff indexation. This supports expectations of a key interest rate cut by the board of the Central Bank of Russia (CBR) on July 25.
The Ministry of Economic Development estimates that the weekly inflation in the reporting week corresponds to a slowdown in annual inflation to 9.2% year on year, down from 9.4% in June.
The primary contributor was a sharper seasonal decline in fruit and vegetable prices (-3.48% w/w), while price growth in non-food goods and services remained modest at +0.08% w/w each.
Renaissance Capital analysts forecast a 0.9% month-on-month increase in prices for July and inflation slowing further to 9.1% y/y, while expecting a 200 basis point key interest rate cut by the CBR board on July 25.
They analysts expect the regulator to issue a moderately dovish policy signal, suggesting continued rate reductions in the coming months. As a reminder, the CBR’s June key interest rate cut from 21% to 20% was its first monetary easing move in nearly three years. (chart)
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