Central Bank Facing New Challenges

RUSSIA ENERGY / FINANCE - Report 10 Oct 2014 by Marcel Salikhov and Leonid Grigoriev
Executive Summary Growth was effectively flat in Q2, at 0.8% y/y and nearly zero q/q, seasonally adjusted, though falling imports and an uptick in exports saved the country from falling into recession. Though the fall in imports makes Russian numbers look good, this doesn’t provide a basis for sustainable economic growth. Consumer spending, a growth backbone, rose just 0.8% y/y in Q2, its lowest rise for five years. Yet inflation hit a three-year high in September (up 8% y/y), fuelled by food price increases, on the heels of the food import ban by the EU and the United States in August. CBR...

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