Russian consumer sentiment recovered slightly in June after hitting a record low in May, though sentiment remained lower than the previous year due to weak economic growth and Russia's actions in Crimea. The MNI Russia Consumer Indicator rose 2.2% in June, but was still 9.6% below the previous year's level. While purchasing intentions for household goods increased slightly, expectations for personal finances declined to a new low. Inflation expectations also rose to a new high, exacerbating consumers' concerns about high prices and interest rates on loans. The small recovery in sentiment in June was welcomed, but the economist noted that the economic backdrop remained gloomy.

1. Embargoed until 9:45 A.M. Moscow Time, 7 July 2014
Media Release
Russia Consumer Sentiment Recovers Slightly
MNI Russia Consumer Indicator Rises to 89.1 in June from 87.2 in May
“The Russian central bank’s plans to tame inflation
have been de-railed so far this year by the sharp
devaluation in the rouble. Critical to getting on top of
inflation is anchoring expectations, but our survey
shows inflation expectations are at their highest since
the survey started in early 2013, making governor
Nabiullina’s job even more difficult.”
Russian consumer sentiment recovered slightly after
hitting a record low in May, helped by increased
optimism for purchasing household goods and a
moderate recovery in consumers’ expectations for
business conditions.
The MNI Russia Consumer Indicator rose 2.2% to
89.1 in June from 87.2 in May. This was the first
gain in five months, although sentiment was still
9.6% below the level seen a year earlier given the
significant weakening in growth and the ramifications
of Russia’s military action in Crimea.
All five components which make up the Consumer
Indicator increased apart from Expected Personal
Finances which fell to a series low.
High prices were a serious concern among consumers
as dissatisfaction with the current level of prices
increased sharply in June, while expectations for
inflation rose to a series high. To make matters worse,
consumers’ expectations for the interest rate on car
and home loans in the coming 12 months hit a record
high in June.
Commenting on the latest survey, Philip Uglow, Chief
Economist of MNI Indicators said, “The small recovery
in consumer sentiment following four consecutive
monthly falls to a record low in May is welcomed,
although it’s too early to judge if we’ve reached the
bottom. While some slightly brighter spots can be
found in recent economic data, overall the economic
backdrop remains gloomy.”
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MNI Russia Consumer Indicator
Sales enquiries: info@mni-indicators.com
For more information:
Naomi Pickens
Media Relations
Deutsche Börse
T+1-212-669-6459
naomi.pickens@deutsche-boerse.com
Editorial content:
Philip Uglow,
Chief Economist
MNI Indicators
@philip_uglow1

2. Media Release 2
About MNI Indicators
MNI Indicators specialises in producing business and consumer surveys designed to present an advance picture of the economic landscape and
highlight changing trends in business and consumer activity. The timely reports explore attitudes, perspectives and sentiment across the globe,
including China, India and Russia. Alongside MNI Indicators’ core focus on consumer and business surveys in emerging markets, MNI Indicators
produces the renowned Chicago Business Barometer (Chicago PMI), a key leading indicator of the US economy. MNI Indicators is part of MNI, a
leading provider of news and intelligence and a wholly owned subsidiary of Deutsche Börse AG, one of the largest worldwide exchange organisations.
For more information, please visit www.mni-indicators.com / Contact: info@mni-indicators.com
Notes to Editors
Please source all information to MNI Indicators.
The MNI Russia Consumer Sentiment Survey is a wide ranging monthly survey of consumer confidence across Russia.
Data is collected through computer aided telephone interviews (CATI), with each interviewee selected randomly by computer. At least 1,000 interviews
are conducted each month from cities across the whole country.
The survey adopts a similar methodology to the University of Michigan survey of U.S. consumer sentiment.
The MNI Russia Consumer Indicator is derived from five questions, two on current conditions and three on future expectations:
1) Current personal financial situation compared to a year ago
2) Current willingness to buy major household items
3) Personal financial situation one year from now
4) Overall business conditions one year from now
5) Overall business conditions for the next 5 years
Indicators relating to specific questions in the report are diffusion indices with 100 representing a neutral level, meaning positive and negative answers
are equal. Values above 100 indicate increasing positivity while values below show increasing negativity.