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2 4.0 Balance indicators of inflation (difference of shares of components with accelerating and decelerating inflation), % Annual inflation -34.2 -37.2 -44.5

month. Investors’ expectations over the future path of the key rate and inflation remained unchanged in July. The market expected the Bank of Russia’s

of increased volumes of lending to individuals and, respectively, the impact of inflation on the cost of medical services. Insurance premiums came under pressure from

trend towards inflation slowdown. As of year-end, the to the Bank of Russia key rate in 2017. In the second average annualised inflation rate1 reached

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

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

spread DS 3 Credit spread CS 3 Monetary policy Reaction to inflation 0.6 Inflation target trg 5 Reaction to unemployment 0.5 Unemployment target

Median estimates for observed and Figure 6. Inflation rate expected in three years expected inflation Observed inflation Expected inflation 30 26 22 18 14 10

customers will have to further adjust to an environment of sustainably low inflation and real positive interest rates. Banks will face new fintech-related challenges. A

5%. Households’ final consumption expenditures increase gradually without posing any risks for inflation. Retail trade turnover registered accelerated growth in June. The 2018 FIFA World