Data
CPI inflation in Moldova hits 33.6% y/y in July
The price of natural gas quadrupled compared to July 2021 and the price of electricity increased by 59%.
How do high gas prices push up the cost of power?
Russian supply woes have driven European gas prices to previously unimaginable levels, but why are electricity prices so high?
Russian inflation falls to 15.1% in July
Russia is now the only country in Europe where inflation is falling thanks to the determined action by the central bank that has been tightening monetary policy since March last year.
Russia’s current account surplus hits new all-time high of $166bn
In January-July Russia’s current account surplus rose to triple the level of the same period a year earlier, which was already a record.
Poll shows every other Russian supports continuing the war against Ukraine
52% of Russians support continuing the war against Ukraine, whereas 38% of respondents to a new poll by the Russian Field sociological agency were in favour of moving to peace talks with Ukraine.
Hungarian inflation surges to 13.7% y/y in July
Worst figure for 25 years weakens forint and piles more more pressure on the central bank to keep putting up rates.
Romania revises inflation outlook upwards on supply-side issues
Inflation expected to reach 13.9% in December as war in Ukraine keeps fuelling supply-side issues in some key commodity markets.
Dollarisation in Turkey smashing records
Despite the authorities’ demand for ‘lira-isation’ few Turks have any real faith in the national currency as inflation runs riot.
Unemployment slightly rose in Czechia in July
At the end of July, 240,706 Czechs were seeking employment. This figure is 9,397 more people than the previous month, translating into a rise of 0.2%.
Moldova’s maize, sunflower crops decimated by drought
Both crops are in high demand given the disruption caused by the war in neighbouring Ukraine to international food markets.
North Macedonia’s annual inflation accelerates to 16% in July
High import prices of food and energy are now spilling over into the prices of other products and services.
Romania’s central bank slows down monetary normalisation cycle with a 75bp hike
BNR says it expects no further rise in inflation over the coming two quarters and is concerned about the economic stagnation in the second and third quarters of 2022.
Hungary's industrial output picks up in June, but outlook mixed as economy set to slow down
Hungary’s industrial production grew 4.8% y/y in June, up from a 3.4% increase in the previous month.
Hungarian consumers cut back spending in June
Retail sales growth slowed to an annual 4.1% in June from 12% in the preceding month.
Kazakh manufacturing PMI shows further expansion in July
New orders expand “at near-record pace”.
Russia’s services PMI expands at the fastest pace in a year as confidence and growth return
The seasonally adjusted S&P Global Russia Services PMI Business Activity Index grew at its fastest pace in more than a year to post 54.7 in July, up from 51.7 in June.
Romanian industrial prices increase by 3.1% m/m in June
8.0% m/m surge in energy prices help industrial price rise keep close to the 50% y/y level for the fourth month in a row.
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Ukraine becomes the poorest country in Europe again
Wages in Ukraine have been rising faster than those in Russia in recent years, but the devaluation of the hryvnia means that they have tumbled by more than a quarter in the last month and made Ukraine the poorest country in Europe again.
EU gas imports from Russia in charts
The Bruegel think-tank has published a set of interactive charts that show very clearly how Russian gas imports to Europe this year are well below the historical average.
Russia’s CBR predicts 7% contraction of the economy in 3Q22
Russia’s Central Bank for the first time gave a forecast of a fall in Russian GDP in the third quarter – according to the regulator, the economy may fall by 7%, and inflation will continue to slow down.
