The FINANCIAL — Russia’s consumer prices were unchanged in the week to June 8, suggesting that fading inflationary pressure could pave the way for the central bank rate cut next week, data showed on June 10, according to Nasdaq.
After increasing by 0.1% a week for six weeks in a row, the consumer prices index growth stopped as summer brought the expected decline in vegetable prices, according to the data from the Federal Statistics Service.
Though consumer prices grew by 8.4% since the beginning of the year compared with only 4.8% in the same period of 2014, the central bank is widely expected to ease its monetary policy to save the sanctioned economy from sinking further.
Wednesday’s inflation reading should underpin the central bank’s intention to cut the key rate from its current level of 12.5% on Monday. Analysts expect the bank to cut rates by 100 to 150 basis points.
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