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changes in the output and wage are seen in the dynamics of inflation. The got results will help to understand the impact of migration and

MB MB MB MB MBs’ percentage in inflation % 2021 100 34 11 12 14 13 11 5 Inflation % YoY Nov21 8.4 8.4 8.

Directors approaches. Long OFZ yields continued to rise due to geopolitical and inflation risks, as well as the worsening epidemic situation. • In October, the annual

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

monetary policy to be able to return inflation to the target. If we delay this, both inflation and inflation expectations will continue to go up.

annual inflation will edge down to 4.0–4.5% by late 2022 and will remain close to 4% further on. Inflation dynamics. Inflation is

is the upper limit of the inflation target, due to supply disruptions and inflation emanating from food items. While inflation stayed within the 6 percent

inflation accelerated substantially by the end of 2019 due to a rise in food prices, with the reading in India breaching the target range. Inflation

of the pandemic might be the spread of new coronavirus strains, higher inflation fuelled by demand considerably exceeding supply and shifts in the structure of

further growth of yields on long-term OFZs is driven by geopolitical and inflation risks, as well as the worsening of the pandemic situation. More details