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Russia: CPI at 16.4% YoY in April, further disinflation ahead


Rosstat has published its CPI figures for April, with the headline at 16.4% YoY. The run rate slowed to 0.5% MoM, sliding from 3.9% in January. The print is in line with our estimate of 16.5% and close to the cumulative weekly inflation data. The data provides further support to our call for a front-loaded disinflation path driven by a stronger rouble and shrinking demand. We expect to see further consumer price growth deceleration due to faltering demand and are sticking to our current YE15 projection of 11%.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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