"A drop in the Russian inflation rate could pave the way nicely for an interest rate cut later this month.
Consumer prices grew 6.9 per cent in June, the slowest annual rate this year, down from 7.4 per cent in May, the Federal Statistics Service announced on Thursday. The rouble held firm on the news – rising 0.5 per cent against a weak euro and staying flat against the US dollar.
The slowdown still leaves Russian inflation running well above the average for emerging Europe. But it could be enough for the new central bank chairman Elvira Nabiullina to preside over a rate cut at her first rate-setting meeting later this month."
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