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Chart 2.7). Inflation sped up as well without Median Core inflation taking into account specific spikes in prices (for Underlying inflation Inflation Sources: Rosstat,

Instruments are Inflation 4.3% Inflation 3.0% Inflation 5.2% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

Key rate expectations. In January, amid The pandemic and related restrictions faster inflation and increased volatility in intensified the volatility of liquidity factors. This financial

5 1. Inflation Annual inflation accelerated to 4.9% in December, reaching an estimated 5.1% in mid- January. The leading indicators of inflation, including

5 4 3 2 2017 2018 2019 2020 2021 Observed inflation Expected inflation Annual inflation Inflation expectations of households have abated; however, they still remain

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

MB MB n MB MBs’ percentage in inflation % 2020 100 33 11 12 15 13 11 5 Inflation % YoY Dec20 4.9 4.7 4.

actual / estimate) 2021 2022 2023 Inflation, as % in December year-on-year 4,9 3,7-4,2 4,0 4,0 Inflation, average for the year, as

has increased its 2021 inflation forecast to 3.7–4.2%. Moving forward, given the current monetary policy stance, annual inflation will stay close to

second factor is inflation. Annual inflation sped up to 5.2% in January, exceeding the Bank of Russia’s target. This elevated inflation rate largely