Russian consumer prices drop again in week to Sept 4

MOSCOW, Sept 6 (Reuters) – Russian consumer prices fell for a second week running, data from the Federal Statistics Service showed on Wednesday, supporting expectations that the central bank will cut interest rates next week.

In the week to Sept. 4, the consumer price index (CPI) declined 0.1 percent, taking the year-to-date increase in consumer prices to 1.8 percent.

Prices rose 4.1 percent in the same year-to-date period in 2016.

Russian inflation is now close to post-Soviet lows and the central bank, which targets inflation of 4 percent for 2017, is expected by many analysts to cut its benchmark rate from the current 9 percent at its next policy meeting on Sept. 15. (Reporting by Andrey Ostroukh; editing by John Stonestreet)

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