Russia: Persistent price pressures justify monetary tightening

In Russia, recent economic indicators corroborate the narrative of a V-shaped recovery. The authorities are concerned about a mismatch between rapidly recovering demand and lagging supply. In May, headline inflation increased to 6.0% y/y, two percentage points above the CBR’s inflation target. In these circumstances, the CBR’s choice to front-load its monetary tightening is understandable. We expect it to remain in hawkish mode until the year ends.

We will be repeating the same webinar to cater for the difference in time zones between APAC, EMEA and the Americas:

  • APAC – Tuesday 15th June | 10:00 HKT
  • EMEA – Tuesday 15th June| 10:00 BST
  • Americas – Tuesday 15th June | 16:00 EDT

Gabriel Sterne

Head of Global Strategy Services and EM Macro Research

Gabriel Sterne

Head of Global Strategy Services and EM Macro Research

Gabriel Sterne | Head of Global Strategy Services and EM Macro Research

Gabriel delivers macro-economic products tailored for the financial markets, as Head of a team that integrates global strategy and EM macro views.  Recently he has published most on populism, demographics and other drivers of low global yields, and the evolution of global fragilities as expansions mature. On the EM side he is a global expert on sovereign crisis and debt restructuring issues.

Tatiana Orlova

Lead EM Economist

Tatiana Orlova

Lead EM Economist

Tatiana Orlova | Lead EM Economist

Tatiana recently joined Oxford Economics as a Lead Economist for Emerging Markets. Prior to this, she was working at Emerginomics which she founded and was also the Chief Economist.  From November 2012 until April 2016 Tatiana worked for The Royal Bank of Scotland, London as the Director in CEEMEA Research, Fixed Income. 

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