Macro week ahead
In Russia, the only interesting release is the weekly CPI reading, which is likely to bring more evidence of headline disinflation in annual terms due to the favourable base effect in food prices and slower growth in milk, eggs and gasoline prices (the key contributors to weekly inflation in September). The headline CPI for September as a whole is set to slide close to the upper boundary of the CBR’s target range (to 6.1% YoY). The 6.0% threshold will likely be crossed in early October, as the effect of a good harvest will likely show up in the price dynamics of such goods as eggs and milk by that time.
Vladimir Kolychev, Daria Isakova
VTB Capital analyst
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