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Quotes from UniCredit Research:
- The CBR is scheduled to meet on Friday (25 July). Market expectations of a rate hike have increased (to fight inflation that accelerated to 7.8% by mid-year), although the median forecast still stands at 7.5%.
- We believe that further tightening is undesirable because it could directly affect only a small proportion of the CPI.
- Furthermore, a moderate tariff hike on 1 July is likely to launch a gradual deceleration of yearly inflation figures throughout 2H14.
