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for obligations of the Government of the Russian Federation, debt achieving the inflation target. The key rate is set by the Bank obligations of other

of Russia experience 1. Implementation of monetary policy in the framework of inflation targeting 2. Operational goal and specifics of the operating procedure 3. Experience

ОСНОВЕ КВАРТАЛЬНОЙ ПРОГНОЗНОЙ МОДЕЛИ ДЕКАБРЬ 2021 34 12. De Haan J. (2010) Inflation differentials in the euro-area: a survey // De Haan J., Berger H. The

Instruments are Inflation 4.3% Inflation 3.0% Inflation 8.4% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

switching from a fixed to flexible exchange rate regulation and establishing an inflation targeting regime, in which the key instrument of the monetary policy is

Excluding the most volatile components Overall inflation Food CPI Non-food Services Inflation target Trend inflation (5-year rolling window) Inflation target Source: Rosstat, R&F Department

9 key_rate average daily real key rate per quarter (adjusted for inflation, CPI) pp. 15,700 3.57 2.28 -2.55 7.06

the global economy to advance further. A considerable number of countries experience inflation acceleration due to the demand for goods and services significantly exceeding the

changes in the output and wage are seen in the dynamics of inflation. The got results will help to understand the impact of migration and