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CBR Boosts 2021 CPI Forecast to 5.7-6.2%, Labour Market Pressures Intensify

RUSSIA

CBR key Comments:

  • CBR to consider rate hike at one of next meetings inflation 6.5% as of July 19
  • sees key rate averaging 5.5%-5.8% in 2021
  • economy reached pre-covid level in 2Q
  • sees 2021 CPI at 5.7%-6.2%; saw 4.7%-5.2%
  • inflation to edge down to 4%-4.5% in 2022
  • sees 2021 GDP growth 4%-4.5%; saw 3%-4%
  • sees 2021 current account $88b; saw $56b
  • monetary conditions remain accommodative
  • previously saw key rate avg at 4.8%-5.4% in 2021
  • CPI pressure from the labor market intensifies
  • risks remain significantly proinflationary
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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