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

stance, annual inflation will edge down to 4.0–4.5% in 2022 and will remain close to 4% further on. Inflation movements. Inflation is

capable of bringing inflation back to our target, bringing back inflation mainly driven by sustainable factors. Core inflation is currently above our inflation target. Certainly,

operating objective of the Bank of Russia’s monetary policy within the inflation targeting strategy is to maintain rates in the unsecured overnight segment of

2021 2022 2023 2024 Inflation, as % in December year-on-year 4.9 7.4-7.9 4.0-4.5 4.0 4.0 Inflation, average for the

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

unfavourable weather conditions. Businesses complained about staff shortages in the labour market. Inflation and companies’ price expectations remained elevated. The new issue of the report

Trends prepared by the Bank of Russia Research and Forecasting Department. Accelerated inflation between September and early October was largely driven by one-off factors in

now? First. The Bank of Russia switched to the inflation targeting regime in 2015. Annual inflation decreased to 4% in 2017. It has been seven

Instruments are Inflation 4.3% Inflation 3.0% Inflation 6.68% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by