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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

have declined. Household and business inflation expectations have abated. In these circumstances, there is a risk that in 2021 inflation might significantly deviate downwards from

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

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

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

growth. Inflation was 3% as of the end of 2019, and slightly decreased even more in the first months of this year. Three-year inflation averaged

come will likely see a temporary acceleration in annual inflation, given the low pace of inflation in the second half of 2019. As a result,