Russia is on track for a third month of zero inflation in October, data showed on Wednesday, paving the way for the central bank to administer more economy-boosting interest rate cuts in the near future.
Prices were flat for the eighth week in a row in the period to Oct. 26, the Federal Statistics Service said, estimating that for the whole of October inflation was also likely to be zero.Prices were also flat overall on the month in August.
The central bank has pledged to press on with rate cuts if inflation keeps falling, as it seeks to put the economy on a solid recovery path from its first recession in a decade.
'We expect interest rates to be cut again this week, as inflation maintains its pace of 0 percent growth,' analysts at UniCredit said in a research note.
Russia has already reduced the benchmark refinancing rate by 300 basis points since April to 10.00 percent.
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