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of the transmission mechanism of the monetary policy of central banks targeting inflation. By way of managing banking sector liquidity, central banks seek to keep

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

the Bank of Russia was prepared to take decisive measures to bring inflation back to the target. For the first time since February 2020, there

Instruments are Inflation 4.3% Inflation 3.0% Inflation 6.5% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

6 4 2 0 2017 2018 2019 2020 2021 Observed inflation Expected inflation Annual inflation Inflation expectations of households continue to grow, remaining close to

impact of steady inflation factors will be weakening gradually. o In June, inflation rates and expectations were still elevated. Consequently, annual inflation exceeded 6%. As

continued confidence of investors that the Bank of Russia will ensure that inflation remains at the target level in the long term. • The return on

the dependence of inflation in Russia on inflation in the USA? Should we expect inflation in Russia to be around 4% if inflation in the

stance, annual inflation will edge down to 4.0-4.5% in 2022 and will remain close to 4% further on. Inflation dynamics. Inflation is developing

BASELINE (actual) 2021 2022 2023 Inflation, as % in December year-on-year 4.9 5.7-6.2 4.0-4.5 4.0 Inflation, average for the year,