CPI Monitor: No obvious rate hike effect yet

Inflation in Russia amounted to 0.18% WoW over the December 12-18 period vs. 0.20% the previous week. The deceleration of price growth stemmed from a drop in airfares, which offset New Year-related agitation among stable CPI components. 
The resilience of inflationary pressure was likely related to high consumer activity. While data remains insufficient to assess the impact of recent key rate hikes on domestic demand and the population’s switch from consumption to savings mode, we expect to see a clearer picture in the coming months.