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Russian inflation slowed to 4.3% YoY in August, below expectations, making us more comfortable with our 4.0% year-end forecast and reinforcing the case for the key rate cut on 6th September. Yet, food and non-food CPI remain a watch factor for the mid-term, along with the end of the harvest season and acceleration of budget spending growth.
Russian CPI slows in August, thanks to monthly deflation in fruits and vegetables
Deceleration in the Russian CPI growth from 4.6% year on year in July to 4.3% in August is a positive surprise, as