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trend in inflation expectations of economic agents ing the considerable increase in the cost of borrow- to bring them down to the inflation target. ing

Cambridge, MA and London: MIT Press, 1987. 4. Exchange Rate Pass-Through to Inflation. Is Russia different? // IMF Country Report, Russia. 2015. August. No. 15/212.

of inflation in these periods. This, for all the growth in inflation expectations, was not the case in 2014, subsequently helping slow down inflation (consequentially,

CONTENTS ___________________________________________________________ 2 1.1. Inflation ________________________________________________________ 3 1.1.1. In August, inflation demonstrated a significant slowdown ______________________ 3 1.1.2. Underlying inflation slowed down yet

year-on-year inflation consistently above 4% throughout the first half of 2018 and also cause second-round effects via rising inflation expectations. 1.1.1. Inflation in

1. Inflation ________________________________________________________ 4 1.1.1. Seasonally adjusted price growth accelerated, but stayed within the forecast range of inflation. _______________________________________________________________ 4 1.1.2. Underlying inflation

2017. Moderately tight monetary policy will create the necessary conditions for anchoring inflation at about 4% and will not hamper further economic growth. The Bank

recognised the following factors. Inflation dynamics. Annual inflation holds close to 4%. Estimates as of 23 October 2017 indicate that annual inflation is 2.7

May 2017. The share of people who correctly understand the notions of ‘inflation’ and ‘risk diversification’ remained practically unchanged, at 37% and 25.6% respectively.

means its average volume of assets for the past year, adjusted for inflation for the purpose of interannual comparisons. Working Paper Series EFFECT OF BANKING