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down as a result of high supply and good harvest forecasts. Annual inflation was up in August. Under a Bank of Russia forecast, demand is

Instruments are Inflation 4.3% Inflation 3.0% Inflation 3.4% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

goals and principles remain unchanged. We are consistently pursuing inflation targeting policy aimed at keeping annual inflation close to 4% on a continuous basis. Over

by means of maintaining its purchasing power through ensuring low inflation rate. When the inflation is low, the amount of goods and services which can

rate to 4.25% — a historic low. This is necessary to keep inflation on target against the backdrop of disinflationary risks linked with a significant

Bank of Russia calculations. 2. Inflation Monetary policy report and inflation expectations No. 3 (31) · July 2020 19 INFLATION INFLATION Chart 2.1 (% change on

Table 5 (PERCENTAGE POINTS) Non-food Fruit and Inflation for Non-core Food* Services Core inflation goods vegetables the period, % inflation** 2018 January 0.03 0.11

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

Table 5 (PERCENTAGE POINTS) Non-food Fruit and Inflation for Non-core Food* Services Core inflation goods vegetables the period, % inflation** 2018 January 0.03 0.11

which was associated Sources: Rosstat, Bank of Russia calculations. with low annual inflation. HOUSEHOLD REAL DISPOSABLE INCOME Chart 19 Household incomes. In 2020 Q2, household