Russian CPI was reported at 5.8% year-on-year in March, up from February's 5.7% YoY, in line with the market consensus. There are both positive and negative observations from the data and context. On the positive side, the annual inflation rate seems to have peaked, and is likely to go down from here, helped by the stabilisation in the global prices for key agricultural items in March, and by the higher base effect for local CPI, that will be gaining importance starting from now, as inflation picked up by 3.2 percentage points in the last 12 months. On the negative side, we note continued acceleration in prices for ... (full story)