Russian plummet

Russian consumer prices extended their decline for the eighth week in a row – and they have the seasonal drop in fruit and vegetable prices, sluggish consumer demand, and the ruble's strengthening over the past few months to thank for it.

• The dip was 0.16%.
• The decline may open the door for more rate cuts by the central bank, which has indicated it is ready to consider further monetary easing to help the economy. 
• Despite the recent incremental declines in the CPI, prices for almost everything have soared since February 24 – when Russia invaded Ukraine.

High inflation has been one of the key concerns among households and this year’s recession is bound to aggravate it, even though the economy seems to be shrinking less than expected and is dealing with Western sanctions better than feared.