Retail sales increased by 5.2% y/y in September after 6.8% growth in August. The growth rate of retail spending shows continuing favorable dynamics as consumer demand, which is now a key factor for GDP growth, shows no sign of a letup. The fast growth rate of consumer demand during this year has been offset by a deceleration in export growth. From a monetary policy point of view, the current growth in retail sales is not information which we believe will be enough to change our expectation of seeing stable interest rates through the end of the year.