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CONTENTS Executive summary ____________________________________________________ 3 1. Monthly summary ___________________________________________________ 5 1.1. Inflation ________________________________________________________ 5 1.1.1. Inflation accelerates but remains low ______________________________________ 5 1.1.2. PMI

that Russia has established a strong macroeconomic policy framework in recent years. Inflation targeting and a flexible exchange rate of the national currency received positive

declining short- and medium-term interest rates, which reflects the trend of decreasing inflation expectations in 2017 Q4. At the same time, higher oil prices led

conduct operations with foreign currency. rate of a respective currency, interest rates, inflation rate, derivatives’ prices, official statistical information, physical, Individual Indicators Highlights biological and

to regional information campaigns. Such transparency makes an integral part of the inflation targeting regime. The Bank of Russia will continue to fine-tune its monetary

That said, consumption growth remained moderate and in line with a gradual inflation increase to the 4% target. Being caused by one-off factors, slower business

H. Mumtaz. 2017. ‘Financial conditions and density forecasts for US output and inflation.’ Review of Economic Dynamics 24: 66–78. Banbura, M., D. Giannone, and

persons. The return on investment of pension savings by NPFs was above inflation (2.5%) and in 2017 reached 4.6% before the remuneration of

risks of inflation overshooting the target. At the same time uncertainty remains over the potential impact of the recent developments on inflation expectations. Inflation is

but the trends of recent years have indeed been promising. With declining inflation and dropping interest rates on banking products, retail investors are becoming increasingly