Bank of Russia: social engagement is central to effective policy

The specifics of measuring inflation expectations and consumer sentiment topped the agenda of Bank of Russia (BoR) and Public Opinion Foundation (FOM) representatives’ meeting with the expert community and journalists, as part of the BoR-organised 29 May workshop.

FOM-conducted opinion surveys provide the regulator with the social feedback indispensable in its monetary policy decision-making. ‘Social feedback is the tool which enables us to reach out to people — who are the focus of our work’, noted Igor Dmitriev, BoR Monetary Policy Department Director, in his opening remarks. ‘This tool helps us deliver on our targets for sustainable economic growth’.

The workshop participants gained insights into methods for measuring household inflation expectations, key indicators and tools FOM experts use in their surveys. A BoR representative spoke on how inflation expectation impact on the rate of inflation and the techniques for taking into account household expectations in monetary policy decisions.

A workshop participant proposed that FOM's primary data on inflation expectations be released. Igor Dmitriev promised to explore this idea.