Macro Analysis /
Russia

Russian Macro Stats 9M21: Relief in inflation picture likely to be delayed

  • Russia’s retail trade continues to surprise to the upside and has gained 8.4% y/y in 9M21, exceeding our forecast

  • Retail trade up 8.4% y/y in 9M21, above our expectations

  • Inflation could end 2021 at 8.0% y/y, especially given the recent weakness in the ruble exchange rate

Natalia Orlova
Natalia Orlova

Chief Economist

Alfa
23 November 2021
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