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a fully-fledged inflation targeting regime. Perhaps under the managed float, monetary policy was more uncertain; monetary shocks dominated and produced high ERPT. Under inflation targeting,

We anticipate that inflation expectations will continue to trend downwards in summer, following the inflation path. What aspects may now suggest that inflation expectations are

average net yield of 8.2% p.a. — well above the annual inflation reading (3%). These figures are reported in the analytical commentary NPF Yields,

be the one, which accounts only for the inflation of domestically produced goods instead of CPI inflation. However, given that the model is estimated on

its inflation forecast for the year-end of about 3.8–4.8%. The recent two weeks recorded zero inflation. Do you confirm the inflation forecast

policy report 2. Inflation 16 No. 2 (30) · April 2020 and inflation expectations In February 2020, annual inflation continued INFLATION AND CORE INFLATION Chart 2.

range of banks. Given that accompanied by a weaker outflow of foreign inflation will stabilise at a steadily low level, real currency deposits compared to

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

Price growth accelerates in April, driven by temporary factors 18 May 2020 News Share VKontakte WhatsApp Telegram Annual inflation went up 0.6 pp to

an inflation rate of 4%, % MoM Source: Rosstat. Source: Rosstat, R&F Department estimates. Figure 3. Seasonally adjusted inflation, % MoM Figure 4. Modified core inflation