The CBR continued its tightening cycle and raised the key rate for the fifth time today. This time it was 25 bp, up to 6.75%, against a consensus forecast of +50 bp. While the press release about the decision was relatively dovish, CBR Governor Elvira Nabiullina indicated that the key rate might increase above 7% during the press conference, and her overall stance was more hawkish than previously. So despite a smaller hike than anticipated, CBR is leaning toward a more hawkish mood.
& meat prices). Gasoline prices accelerated while there was cooling in construction material prices. We believe that inflation will accelerate, driven by seasonal factors and additional social payments in September 2021. to every pensioner and ~170/person to military personnel) announced by V. Putin in...
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