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Russia’s policy. Specifically, the Department conducts research to analyse and forecast inflation, determine the best combination of government macroeconomic policy measures, and analyse economic

to the increase in annual inflation was the material rise in highly volatile fruit and vegetable prices. This acceleration of inflation in June 2020 was

level of oil production and processing that remains decreased. In June, annual inflation slightly sped up to 3.2% against 3.0% in May, which

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

for reducing the key rate. This has become possible owing to low inflation achieved over the course of the previous years. I would like to

Bank of Russia calculations 5 Consumer prices May, , p.p. Inflation by main groups, core inflation (% YoY) YoY, % and the Bank of Russia key rate

the inflation targeting policy has made it possible to keep inflation persistently low over recent years. Stabilisation of market participants’ inflation expectations near the inflation

inflation. Now, regarding non-governmental pension funds, returns for future pensioners amounted to 8.2%, which is 2.5 times higher than last year’s inflation.

economic recovery. The consumer price index shows that temporary factors which accelerated inflation in March — April have lost their power. The disinflationary influence of lower

whether this should be inflation for the next 12 months or current seasonally adjusted monthly inflation. This matters since current inflation may be slowing down