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anchored since inflation has been staying at its record lows over recent years. I would like to emphasise that this stronger anchoring of inflation expectations

growth of yields in these economies, which markets include an increase in inflation expectations due In August, financial markets in the majority to large-scale economy

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

IN INFLATION DUE TO PRICE CHANGES BY GROUP Table 5 OF GOODS AND SERVICES, YEAR-TO-DATE (PERCENTAGE POINTS) Food1 Non-food Services Fruit Inflation for Core inflation

down as a result of high supply and good harvest forecasts. Annual inflation was up in August. Under a Bank of Russia forecast, demand is

goals and principles remain unchanged. We are consistently pursuing inflation targeting policy aimed at keeping annual inflation close to 4% on a continuous basis. Over

by means of maintaining its purchasing power through ensuring low inflation rate. When the inflation is low, the amount of goods and services which can

Instruments are Inflation 4.3% Inflation 3.0% Inflation 3.4% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

rate to 4.25% — a historic low. This is necessary to keep inflation on target against the backdrop of disinflationary risks linked with a significant

Bank of Russia calculations. 2. Inflation Monetary policy report and inflation expectations No. 3 (31) · July 2020 19 INFLATION INFLATION Chart 2.1 (% change on