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Abdi Ipekci remains most expensive shopping avenue in Istanbul
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Russia's consumer prices rose by 0.65% month on month and 10.3% year on year in March, according to the latest RosStat statistics agency data. (chart)
As covered by bne IntelliNews, inflation and the resulting high interest rates continue to be the principal (yet not the only) concern of Russian policy makers.
At the end of March inflation finally curbed below the Central Bank of Russia (CBR) guidance, but tt remains far from the target 4% - trending above the double-digit level of 10%.
The CBR acknowledged that inflationary pressures are easing, but resolved to keep the key interest rate unchanged at 21% at the March 21 policy meeting. The decision was in line with consensus expectations.
Renaissance Capital commented that March inflation exceeded its own and the consensus forecast, but still remained below the CBR's February estimate of 10.6%.
The analysts at RenCap still maintain that the latest figures, including early April weekly inflation data, indicate stabilisation of inflationary pressures, albeit at a level still above the CBR’s target.
The CBR is still expected to keep the key rate unchanged in April. However, as recently warned by the regulator itself, declining global oil prices and heightened uncertainty about the international economic outlook could postpone the start of monetary easing beyond the previous RenCap’s forecast of June.
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