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01.02.2021
but also longer-lasting proinflationary factors. According to the authors of the bulletin, inflation will start to slow down in March, as the effect of a
forecast.
for December 2020). This forecast factors in Key rate expectations. As inflation
the assumption that cash will gradually return accelerated, the Bank of Russia
of the design of RUONIA, the
of the economic realities of the inflation targeting, and for market participants, which could use it in analysis calculation
MB MB n MB
MBs’ percentage in inflation % 2020 100 33 11 12 15 13 11 5
Inflation % YoY Nov20 4.4 4.2 4.
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 agents choose the
dollarization share basing on the observed oil price inflation, sentiment index, and
exchange rate values. The oil price is generally regarded
public administration are annually indexed to the
Construction (+34%) previous year’s inflation. Inflation was 4.3% in 2018 and
3.0% in 2019.
8
Instruments are Inflation 4.3% Inflation 3.0% Inflation 4.4%
Inflation targeting is “Floating rate and
represented as a developed, the inflation targeting by
8 / DECEMBER 2020 5
1. Inflation
Annual inflation came in at 4.4% in November. The leading indicators of inflation,
including producer prices of consumer
domestic inflation is lower than in the case of
unsmoothed OGRs: 0.06% and 0.36% respectively. The contribution of import and domestic
inflation to