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material contains an aggregated medium-term expert forecast based on six key variables: inflation, key rate, GDP, nominal salary, ruble exchange rate, and Russian sovereign CDS

Instruments are Inflation 4.3% Inflation 3.0% Inflation 5.5% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

in Russia was then close to its potential, and inflation was low. In February 2020, annual inflation equalled 2.3%. Beginning from June 2019, even

respectively) are calculated using market exchange rates of currencies and recent available inflation data. Sources: Bloomberg, Bank of Russia calculations. Banking sector liquidity and financial

a significant contribution to the acceleration of inflation in many regions. All federal districts noted a slowdown in inflation. The biggest slowdown was in the

rate since November 2016. The acceleration of inflation was affecting economic agents’ inflation expectations. Households’ inflation expectations and Inflation 5.91 7.44 6.68

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

5 4 3 2 2017 2018 2019 2020 2021 Observed inflation Expected inflation Annual inflation Inflation expectations of households remain elevated compared to the pre-pandemic

period. It is one of the most important indicators that describes the inflation processes in economy. Economically active population – persons at the age that is

period. It is one of the most important indicators that describes the inflation processes in economy. Economically active population – persons at the age that is