Ford drives hike in car production in Romania
1 day ago
Weekly consumer price inflation in Russia for the week of August 31 remained at zero, according to the latest data by the Rosstat statistics bureau.
As reported by bne IntelliNews, the Central Bank of Russia (CBR) continued to cut the key interest rate in July, as inflation trended safely below the target 4%.
On the reporting week the zero weekly inflation was attributed by the analysts at Sberbank CIB to deflation in fruit and vegetables (2.9%) being offset by inflation in other components.
"The weekly figures indicate that deflation in August will likely be 0.1%, versus 0.2% deflation in August last year," Sberbank CIB estimates, suggesting that in year-on-year terms, inflation should climb to 3.5% from 3.4% in July.
"However, given the different baskets used for the monthly and weekly data, monthly inflation could slightly deviate from the weekly data," the bank notes, but still sees the inflation dynamics in August as in line with the 2020 year-end forecast of 3.6-3.7%.
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