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by domestic and external conditions and the reaction of financial markets. Inflation dynamics. Inflation is developing in line with the Bank of Russia’s forecast

foreign markets the volume of funds raised by the Ministry of and inflation acceleration, in August, market Finance at OFZ placement auctions. This factor participants

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

опубликован в виде статьи в рецензируемом научном журнале: Styrin, K. (2019), “Forecasting Inflation in Russia Using Dynamic Model Averaging,” Russian Journal of Money and Finance,

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

and Banking, 2011, no. 43, pp. 711 – 734. Gal J. Monetary Policy, Inflation, and the Business Cycle, Princeton and Oxford: Princeton University Press, 2015. Gertler

Instruments are Inflation 4.3% Inflation 3.0% Inflation 3.6% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

to keeping inflation within 4% as part of the current monetary policy. 1.1. Inflationary pressure is in line with the inflation target Inflation accelerated

seasonally adjusted, % Line – annual inflation, % (rhs); thin line – 3MMA SAAR Sources: Rosstat, Bank of Russia’s estimates 6 Inflation expectations – households Inflation observed and expected

behind inflation growth or decline. The August 2020 inflation commentary is the first to be published. The currently published commentary (Consumer Price Dynamics) covers inflation