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for non-perishable goods. In addition, this new temporary rise in inflation is happening when inflation expectations of households and businesses are lower than in the

foremost, we are controlling inflation. Savings depreciate when inflation is high. We are doing our best to prevent a rise in inflation and to keep

the impact of this low economic activity on the medium-term forecast for inflation, inflation expectations and growth prospects. The February expansion in economic activity was

learning (ML) methods to forecast investment (paper by Mikhail Gareev, RANEPA) and inflation (paper by Evgeny Pavlov, NES) in Russia. Both authors conclude that the

5.75 5.75 – Reuters survey (6.00) (6.00) 3. Implied inflation rate (OFZ-IN) (monthly average) February 2020 2.80 – OFZ-IN-52001 (until 16.08.

adjustment costs to capital. Nominal and Financial frictions improve how investment and inflation are captured (NK model) McGrattan, Kehoe and Chari (2007) point out that

coexistence of very low inflation/deflation, good growth and strong FCs - Historical evidence consistent with this (G 4) Chasing short-term inflation control could even risk

Empirical evidence (1) (2) (3) (4) VARIABLES Quarterly Quarterly Quarterly Monthly Expected inflation 1.13*** 1.07*** 1.02*** 0.93*** (0.07) (0.07

Instruments are Inflation 2.5% Inflation 4.3% Inflation 3.0% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

Glossary Core inflation An indicator of inflation characterising its most sustainable part. Core inflation is measured based on the core consumer price index (CCPI). The