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per annum. In January 2019, annual inflation held at the lower bound of the Bank of Russia expectations. Inflation expectations of households and businesses increased

survey (7.75) (7.75) Source: Bank of Russia calculations. 3. Implied inflation rate (OFZ-IN) 5.11 (until 16 August 2023) (5.07) End-2019 forecast

cultural sector in accordance with the Russian President’s May decrees). Accelerated inflation made a further contribution to the slowdown in the annual indicator. Real

to analysis of unobservable variables (potential output and parameters of long-term growth, inflation expectations) 2. Monetary policy impact on dynamics of investment and other economic

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

7.5) balances with the Bank of Russia (including funds 3. Implied inflation rate received after conversion of NWF funds and attracted 5.13 (OFZ-IN

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

Russia since 2015 (trend inflation) may be categorised under this group of indicators. Underlying inflation published since 2015 (trend inflation) Inflation indicator cleared of all

2014 Inflation targeting Active inflation Liquidity Transition deadline Key rate introduced Floating exchange announced targeting management set rate introduced communications Since Dec. 2017 Inflation targeting

the process of disinfla- tion. At the same time, higher inflation expectations, shaped by the inflation acceleration resulting from the deficit growth, will require the