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Instruments are Inflation 4.3% Inflation 3.0% Inflation 5.7% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

half of 2022 and will remain at that level further on. Inflation dynamics. Inflation is developing above the Bank of Russia’s forecast. In February,

if we delay a key rate increase, inflation may go up and inflation expectations will not lower. Inflation will deviate from the target even more,

activity slowed down. inflation became almost equal to the country- Estimates in oil and gas production and wide level, and core inflation exceeded metallurgy remained

corresponding to an inflation rate of 4% in annualised terms (Figure 2), driving annual inflation further up to 5.67%. Annual inflation will likely reach

are papers on using this approach to forecast inflation. For instance, Styrin (2019) evaluates the accuracy of inflation forecasting based on dynamic model averaging (DMA

Securities are the Bank of Russia’s investments in the achieving the inflation target. The key rate is set by the Bank debt securities of

the monitored enterprises reported an increase in output to pre-pandemic levels. Annual inflation kept rising in February, driven by the further growth of consumer demand

industries still have their output significantly below these levels. Demand-side pressure containing inflation is gradually weakening, while a range of segments are facing an acceleration

Chart 2.7). Inflation sped up as well without Median Core inflation taking into account specific spikes in prices (for Underlying inflation Inflation Sources: Rosstat,