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affect inflation expectations and how the external conditions will develop. In making its key rate decisions the Bank of Russia will assess inflation risks, inflation

achieved mainly due to stable macroeconomic situation (recovery of economic growth, low inflation, reduction of the budget deficit, low debt burden of the budget) and

macroeconomic models comprising a small number of macroeconomic variables, such as output, inflation, interest rate, and asset prices. They generally assume that the probability of

2012 2013 2014 Inflation targeting Active inflation Liquidity Transition deadline Key rate introduced Floating exchange announced targeting management set rate introduced communications Inflation targeting is

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 expectations improved (more than 1 standard deviation) – inflation expectations improved (less than 1 standard deviation) – inflation expectations remained unchanged (± 0.2 standard deviations) – inflation

increase in pro-inflationary pressure. The assessment of the economic activity pass-through to inflation dynamics over the forecast horizon remains virtually unchanged. Further clarification of data

18 05.18 Range of current underlying inflation indicators (SA) Range of annual underlying inflation indicators CPI Inflation MoM SAAR Sources: Rosstat, Bank of Russia

the premium related to sanctions imposed on Russian legal entities went down. Inflation expectations derived from OFZ-IN did not change much in May. The outcome

1. Inflation Inflation was 2.4%YoY in April. At the same time, seasonally adjusted monthly price growth accelerated to a level where annualised inflation