Although the final estimate of December CPI in Russia of 4.3% is slightly higher than the official target range of 3.8-4.2%, we do not see it as a sufficient argument in favour of a key rate hike at the upcoming Central Bank of Russia (CBR) meeting on 9 February for the following reasons. The final estimate is a result of a very minor upward revision from 4.2% to 4.3% year-on-year (YoY), with the 0.8% month-on-month (MoM) figure reiterated; The acceleration in the annual rate vs November's 3.8% YoY was the sole result of food price acceleration from 3.5% to 4.7% YoY, while non-food inflation slowed from 4.2% to 4.1% ... (full story)