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a formula with variables (except for interest rates and the rate of inflation). 14. To use the following types of credit ratings by JSC Expert

barrel 64 27 35 45 Inflation, as % in December year-on-year 3.0 3.8-4.8 4.0 4.0 Inflation, average for the year, as

reversal of inflation trends in the middle of the year. Monthly inflation in annualised terms will begin to go down, while annual inflation will still

the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will reach 3.8-4.8% in 2020 and will stabilise around 4

year. Annual inflation increased to 2.9%, which is still below the target. A stabilisation of or even a slight decrease in weekly inflation suggests

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

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

ultimately affect the inflation rate? ELVIRA NABIULLINA: That is true, generally inflation is not very high in annual terms, but weekly inflation is slightly higher,

of this period of low economic activity on the medium-term forecast of inflation, inflation expectations, and economic development. CORE ECONOMIC INDICATORS Table 1 (GROWTH, % YOY,