Russian companies surveyed by the central bank expect inflation in 2025 of 10.7%, more than double the official forecast, and named labour shortages as one of the main factors stopping them expanding production,

The central bank reduced its one-week repo rate to 45% from 47.5% as a cycle of higher borrowing costs bore fruit in cooler price rises.

Traders are placing big options bets on the European Central Bank delivering at least one half-point cut to interest rates by the middle of the year.