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Key events are weekly CPI and PMI Manufacturing for February

 
25.02.2013
We expect this week to be fairly light in terms of data releases. On Wednesday, Rosstat is due to publish weekly inflation, which is likely to reflect the same trend as in the previous week: decelerating daily prices growth (we might see YoY CPI growth remaining at 7.1%). The importance of the CPI data has increased recently following statements from the CBR governor that the regulator might start a policy easing cycle, when the YoY change in headline CPI turns a corner. On Friday, PMI Manufacturing is to cast light on the sector’s performance in the second month of this year. All in all, for February we see the economic picture being a bit worse than in January on the back of the unfavourable calendar effect (2012 was a leap year).
Maxim Oreshkin, Daria Isakova
VTB Capital analyst

Tags:
CPI, PMI, Rosstat, CBR

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