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RUSSIA: CBR Expected to Deliver Another Large Rate Hike

RUSSIA
CEEMEAEM BulletRussiaBulletEmerging Market News
  • The CBR is expected to hike its key rate again this month amid a lack of improvement across the main inflation indicators. As per a Bloomberg survey, 10 out of 12 analysts expect a rate hike, though estimates range from a hike of as small as 100bps to as large as 300bps. See our full preview, with a summary of sell-side analyst views, here.
  • President Vladimir Putin said in his annual call-in show that inflation in Russia is alarming, but otherwise the economy is stable and growing, Vedomosti report. He attributed high inflation to the overheating of the economy, lagging supply, world prices and higher logistics costs due to sanctions, but noted that real wages and disposable incomes are growing rapidly while unemployment is at a record low. Overall, Putin answered 76 questions during the event which lasted 4.5 hours.
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  • The CBR is expected to hike its key rate again this month amid a lack of improvement across the main inflation indicators. As per a Bloomberg survey, 10 out of 12 analysts expect a rate hike, though estimates range from a hike of as small as 100bps to as large as 300bps. See our full preview, with a summary of sell-side analyst views, here.
  • President Vladimir Putin said in his annual call-in show that inflation in Russia is alarming, but otherwise the economy is stable and growing, Vedomosti report. He attributed high inflation to the overheating of the economy, lagging supply, world prices and higher logistics costs due to sanctions, but noted that real wages and disposable incomes are growing rapidly while unemployment is at a record low. Overall, Putin answered 76 questions during the event which lasted 4.5 hours.