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Instruments are Inflation 4.3% Inflation 3.0% Inflation 8.1% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

period. It is one of the most important indicators that describes the inflation processes in economy. Economically active population – persons at the age that is

of uncertainty for the Russian and global economy. At the same time, inflation is on an upward trend in a large number of countries. The

world economy will develop progressively. One of the main risks is faster inflation, fuelled by demand considerably exceeding supply and shifts in the structure of

Russia key rate caused by the need to limit increased devaluation and inflation risks) and from May through August 2020 (when Russia imposed anti-pandemic restrictions

inflation expectations and their anchoring to the inflation target. Inflation expectations impact both inflation trends and interest rates in the economy. The anchoring of inflation

of lending conditions for all categories of borrowers. Given the increased inflation and inflation expectations, the still favourable lending conditions in real terms supported further

also enjoyed low inflation, which only had lasted four years. But the current rate of inflation is double our target, and food inflation has unfortunately

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

14 Inflation...................................................................................................................................................................................... 19 Main risks to the Bank of Russia’s forecast............................................................................................................. 20 2. INFLATION AND INFLATION EXPECTATIONS........................................................21 Current trends.........................................................................................................................................................................21 Stable inflation indicators.