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RUSSIA: Services PMI Expands to 54.6, Highest Since Jan 2024

RUSSIA
CEEMEAEM BulletRussiaBulletEmerging Market News
  • S&P Global’s services PMI for Russia rose to 54.6 in January from 51.2 in December. That marks the highest for the series since January 2024 and the seventh consecutive reading above the expansionary 50-threshold. The composite index rose to 54.7 from 51.1.
  • CBR analysts have found that economic growth accelerated rather than slowed in Q4-2024 amid an increase in government spending and slowdown of lending, Kommersant report. The acceleration in CPI in December was attributed to strong demand, insufficient supply and the weakening of the ruble. This means monetary policy must remain tight for an extended period to bring inflation back to 4%, analysts believe.
  • The Finance Ministry will announce its planned FX operations for February later today. Meanwhile, the Federal Statistics Service reports December macroeconomic data, including retail sales, unemployment rate and industrial production figures at 16:00GMT/19:00 local time. The Bank of Russia will report inflation expectations data.
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  • S&P Global’s services PMI for Russia rose to 54.6 in January from 51.2 in December. That marks the highest for the series since January 2024 and the seventh consecutive reading above the expansionary 50-threshold. The composite index rose to 54.7 from 51.1.
  • CBR analysts have found that economic growth accelerated rather than slowed in Q4-2024 amid an increase in government spending and slowdown of lending, Kommersant report. The acceleration in CPI in December was attributed to strong demand, insufficient supply and the weakening of the ruble. This means monetary policy must remain tight for an extended period to bring inflation back to 4%, analysts believe.
  • The Finance Ministry will announce its planned FX operations for February later today. Meanwhile, the Federal Statistics Service reports December macroeconomic data, including retail sales, unemployment rate and industrial production figures at 16:00GMT/19:00 local time. The Bank of Russia will report inflation expectations data.