The Russian government plans on building another wall of money around its most fragile companies in case a European break up occurs in the months ahead.
While a certain amount of inflation is a healthy sign of a growing economy, too much of it could tip a fragile economy into stagflation, in an extreme case.
"The retreat in consumer price inflation in June boosts the case for the Bank of England to hold fire on interest rates for many more months to come to give the fragile, faltering economy every chance to develop growth momentum, " said Howard Archer, economist at IHS Global Insight.