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Instruments are Inflation 4.3% Inflation 3.0% Inflation 5.2% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

Key rate expectations. In January, amid The pandemic and related restrictions faster inflation and increased volatility in intensified the volatility of liquidity factors. This financial

5 1. Inflation Annual inflation accelerated to 4.9% in December, reaching an estimated 5.1% in mid- January. The leading indicators of inflation, including

5 4 3 2 2017 2018 2019 2020 2021 Observed inflation Expected inflation Annual inflation Inflation expectations of households have abated; however, they still remain

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

has increased its 2021 inflation forecast to 3.7–4.2%. Moving forward, given the current monetary policy stance, annual inflation will stay close to

second factor is inflation. Annual inflation sped up to 5.2% in January, exceeding the Bank of Russia’s target. This elevated inflation rate largely

MB MB n MB MBs’ percentage in inflation % 2020 100 33 11 12 15 13 11 5 Inflation % YoY Dec20 4.9 4.7 4.

actual / estimate) 2021 2022 2023 Inflation, as % in December year-on-year 4,9 3,7-4,2 4,0 4,0 Inflation, average for the year, as

Instruments are Inflation 4.3% Inflation 3.0% Inflation 4.9% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by