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the fact that they had their own monetary policy and volatility of inflation and exchange rate before the introduction of the euro. The Eastern European

annual inflation will return to the Bank of Russia’s target in the middle of 2022 and will remain close to 4% further on. Inflation

great concern. High inflation expectations are being translated into inflation movements already now. Moreover, this effect on the steady component of inflation is becoming increasingly

MB MB n MB MBs’ percentage in inflation % 2021 100 34 11 12 14 13 11 5 Inflation % YoY Mar21 5.8 5.7 5.

BASELINE (actual) 2021 2022 2023 Inflation, as % in December year-on-year 4.9 4.7-5.2 4.0 4.0 Inflation, average for the year, as

falls. The key measures of persistent inflationary processes (including trend inflation, modified core inflation, median inflation, seasonally adjusted price rises in food and non-food goods

BE INCLUDED IN BANK OF RUSSIA’S FORECAST In accordance with the inflation targeting monetary policy framework, the Bank of Russia makes its monetary policy

to enable individual credit institutions to offset monetary policy amid the accelerating inflation locally uneven liquidity distribution, as before. and the key rate hike by

in the amount of 5.2% p.a., which is above annual inflation (4.9%). Annual return on investments of pension savings before the payment

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