Macro week ahead
On Wednesday, Rosstat is due to publish its regular weekly CPI data in (for 19-25 November).
We continue to monitor the weekly CPI reports in Russia to gauge the strength of disinflation in food items that kicked off several weeks ago. We expect YoY food disinflation to intensify in the coming months on softening inflation in wheat-related goods and vegetables and see CPI growth of 0.3% MoM and 6.2% YoY in November. Admittedly, there are significant upside risks to our YE13 forecast of 5.9% YoY.
Vladimir Kolychev, Daria Isakova
VTB Capital analyst
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