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was caused, inter alia, by the impact of local INFLATION, CORE INFLATION, AND AVERAGE ANNUAL INFLATION* Chart 6 (GROWTH AS A PERCENTAGE OF CORRESPONDING MONTH

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

market development. Inflation slowed down in the course of the year, enabling the Bank of Russia to reduce its key rate; annual inflation totalled 3

agricultural output in April, which will continue 10 40 to limit food inflation. 5 20 0 0 -5 -20 Investment activity -10 -40 March saw

temporary proinflationary factors in the near future. This is suggested by stabilising inflation expectations and weekly consumer price indexes, as well as a decline in

confirmed by data on inflation and inflation expectations. Inflation is still affected by one-off pro-inflationary factors, due to which annual inflation accelerated from 2.5

sales of household appliances, which was driven by a temporary rise in inflation expectations on the back of the weaker ruble. Annual growth rates in

seasonally adjusted, % Line – annual inflation, % (rhs); thin line – 3MMA SAAR Sources: Rosstat, Bank of Russia’s estimates 7 Inflation expectations Inflation expectations of Replies of

in inflation 7.8 expectations of households and businesses. 6 4 2.3 2 2016 2017 2018 2019 2020 Observed inflation Expected inflation Annual inflation

a formula with variables (except for interest rates and the rate of inflation). 14. To use the following types of credit ratings by JSC Expert