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commentary Financial Stability Review 2 December 2019 2 Information and analytical commentary Inflation Expectations and Consumer Sentiment 3 December 2019, 26 December 2019 3 Review

INFLATION IN EMES Table 2 Central Bank key rate Annual inflation Level as of 6 November Change since early April Deviation from the average inflation

gradually bring inflation back to 4% by the end of 2020. The continuing elevated inflation expectations may also become a factor of returning inflation to

risks.2 In contrast, low and low inflation. Low inflation ensures a stable steady inflation brings down the inflation purchasing power of the national currency.

it forms a favourable environment for economic activity by reducing uncertainties, keeping inflation in check and promoting confidence in the ruble. However, IMF experts project

ahead. And low inflation is a key prerequisite for business planning. As you certainly know, our monetary policy is aimed at keeping inflation close to

of economic • Excessive inflation expectations as a agents around the 4% inflation target. Ad- contributing factor to demand for high justment of inflation expectations is

IN INFLATION DUE TO PRICE CHANGES BY GROUP Table 5 OF GOODS AND SERVICES, YEAR-TO-DATE (PERCENTAGE POINTS) Food1 Non-food Services Fruit Inflation for Core inflation

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

maturities, which could be driven by a gradual decline in economic agents’ inflation expectations, including for the medium term. BANKING SECTOR LIQUIDITY AND liquidity outflow