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Table 5 (PERCENTAGE POINTS) Non-food Fruit and Inflation for Non-core Food* Services Core inflation goods vegetables the period, % inflation** 2018 January 0.03 0.11

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

Table 5 (PERCENTAGE POINTS) Non-food Fruit and Inflation for Non-core Food* Services Core inflation goods vegetables the period, % inflation** 2018 January 0.03 0.11

which was associated Sources: Rosstat, Bank of Russia calculations. with low annual inflation. HOUSEHOLD REAL DISPOSABLE INCOME Chart 19 Household incomes. In 2020 Q2, household

markets and financial institutions. TALKING TRENDS No. 4 / JULY 2020 4 1. Inflation Inflation slightly accelerated in June after a short pause in May. This

Instruments are Inflation 4.3% Inflation 3.0% Inflation 3.2% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

Instruments are Inflation 4.3% Inflation 3.0% Inflation 3.2% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

Bank of Russia calculations 3 Consumer prices Jun, , p.p. Inflation by main groups, core inflation (% YoY) YoY, % 11 and the Bank of Russia key

communication policy is to inform Russians about the role of steadily low inflation for economic growth and social well-being, about the Bank of Russia’s

work is that effects of shocks in MIACR on industrial production and inflation are not statistically significant. At the same time, such shocks have statistically