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of the Bank of Russia’s monetary policy following the slowdown in inflation and statements by Bank of Russia representatives. yy The Russian financial market

of the Bank of Russia’s monetary policy following the slowdown in inflation and statement by Bank of Russia representatives. The structural liquidity surplus rose

inflation expectations of households and businesses remain elevated against both the inflation target and the minimum levels reached in the opening months of 2018. Inflation

75 75 Inflation, as % in December year-on-year 4.3 4.2-4.7 4.0 4.0 4.2-4.7 4.0 4.0 Inflation, average

in inflation due to price changes by group Table 4 of goods and services, year-to-date (percentage points) Food1 Non-food Services Fruit Inflation for Core inflation

by 25 bp to 7.50% per annum. Annual inflation slowdown is continuing. In May, households’ inflation expectations and business price expectations did not materially

inflation expectations of households and businesses remain elevated against both the inflation target and the minimum levels reached in the opening months of 2018. Inflation

2. 16. Reiff A. and Vrhegyi J. (2013). Sticky Price Inflation Index: An Alternative Core Inflation Measure. MNB Working Papers 2. 17. Aoki, Kosuke (2001

Jul-18 Jan-19 Overall inflation Food Overall inflation Food Non-food Services Non-food Services Source: Rosstat. Source: Rosstat, Bank of Russia estimates. Nonfood price inflation slowed for

loans, and interest rates depend on inflation and inflation expectations. Our monetary policy is therefore aimed at keeping inflation sustainably low in the long run.