Russia Weekly CPI Rises 0.05%, Year-to-Date Inflation at 6.15%

The divergence between a near-flat weekly CPI print and producer prices running at 2.5% month-on-month is the signal worth noting here: pipeline cost pressure is building even as consumer prices stall, which matters for anyone tracking whether headline disinflation holds. The cumulative year-to-date figure is the more telling gauge of where the official inflation picture stands than any single week. Whether the producer-price momentum feeds through into consumer prices is the open question.