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CBR Deputy Governor Says CBR May Raise Key Rate Again; Inflation Data on the Docket

RUSSIA
  • The CBR may increase its key interest rate at the next meeting in September, Izvestia newspaper reports citing an interview with Deputy Governor Zabotkin. The central bank may need more rate hikes to help achieve 4% inflation target, Zabotkin said, adding that goods price inflation has been partly triggered by ruble exchange rate, expanding domestic demand. Note that in July, the CBR raised its key rate 50bps to 8.50% and said in its accompanying press statement that they are open to further hikes at upcoming meetings.
  • The Federal Statistics Service will report July inflation data this afternoon (1700BST/1900 local time). The headline figure is seen increasing to 4.30% y/y from 3.25% in June. Meanwhile, prices are expected to rise 0.66% on a monthly basis. The Bank of Russia will publish current account balance for January-July.
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