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Drop in Inflation Expectations Unlikely to Alter CBR February Decision

RUSSIA
  • Consumer inflation expectations for the year ahead dropped to 12.7% in January after rising to 14.2% in December, a central bank survey showed yesterday. However, a survey of businesses pointed to an increase in pro-inflationary risks. Kommersant write that analysts do not expect the drop in inflation expectations to have much impact on the CBR’s February decision, and forecast that the first rate cut from 16% will not come before the summer.
  • Ukraine is open to allowing Russian natural gas to be shipped through the nation beyond this year when the current deal is due to expire, Bloomberg report citing Slovakia’s Prime Minister Robert Fico. If transit continues it could bring relief to European clients that still receive Russian pipeline gas.
  • The Bank of Russia reports weekly changes in gold and FX reserves later today, in what is the last notable domestic release of the week.
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