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annual inflation to exceed the target level this year. However, the dynamics of domestic and external demand will exert a meaningful constraining influence on inflation

dynamics more volatile and may eventually bring about an increase in inflation and inflation expectations. Further ahead, in contrast, demand may weaken, thereby producing a

the price stability by means of the interest rate policy measures (the inflation targeting regime). In 2005, the Bank of Russia introduced the US dollar

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

Core inflation indicators are exposed to the influence of temporary disinflationary factors, albeit less than the headline inflation figure. Figure 7. Modified core inflation indicators,

growth of real wages sped up, driven by, among other factors, slower inflation. The Bank of Russia estimates that the increase in domestic demand and

and constitutes an underlying asset. rate of a respective currency, interest rates, inflation rate, derivatives’ prices, official statistical information, physical, Table 3.5 biological and

2. Inflation Monetary policy report and inflation expectations No. 1 (29) · February 2020 21 In December 2019, annual inflation accounted Inflation and core inflation Chart

expansion, while inflation pressure in the economy will somewhat increase. Policies aimed at maintaining macroeconomic stability and, first and foremost, at keeping inflation at a

The calculation of labour productivity gain employs a deflator that reflects the inflation component of changes in a firm’s revenue compared with the baseline