OREANDA-NEWS. September 06, 2011. Russian CPI dipped to 8.2% YoY in August, down from 9.0% in July, Rosstat reported. The Bloomberg consensus expected growth of 8.3% YoY, reported the press-centre of ATON.

In MoM terms, inflation contracted 0.2%. That said, core inflation continues to rise, adding 0.4% MoM (unchanged on +0.4% MoM in July) and thus YtD stands at 4.6%.
 
In our macroeconomic update Oil or Nothing released last week (30 Aug) we commented that lower unemployment and a reduced output gap are likely to continue to put pressure on inflation at the core, in our view. Nevertheless, we expect to see headline inflation coming down further, reaching 7.4% YoY by YE11. Prime Minister Vladimir Putin expects inflation to approach 8% this year, according to a Bloomberg report.