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evolution Kazakhstan amidst transition to inflation targeting Improvement of monetary policy transmission mechanisms, dedollarisation measures Current challenges of transition to inflation targeting in the context

is due to the need to maintain inflation at a level close to the target, and to reduce inflation expectations in the medium term, taking

that inflation expectations Contribution of inflation expectations influence actual inflation dynamics5 (Chart 1.24). The fall to inflation (on previous month, seasonally adjusted) in inflation

industrial production will continue to grow in March. Real wages grew as inflation stayed low and production growth was recovering. At the same time, the

Core inflation Non-food goods Food goods Services Actual inflation Baseline inflation forecast Source: Rosstat Source: Rosstat, Bank of Russia calculation BANK OF RUSSIA 12 Inflation

to see inflation not just slowing down, but anchoring near the 4% target. Therefore, inflation expectations should be anchored at this level. Inflation risks have

Board of Directors notes that inflation slowdown overshoots the forecast, inflation expectations continue to decline and economic activity recovers. Inflation risks have slightly dropped but

to see inflation not just slowing down, but anchoring near the 4% target. Therefore, inflation expectations should be anchored at this level. Inflation risks have

consumer inflation, triggering additional growth in inflation expectations among people with low incomes. This may obstruct a downward trend in inflation expectations as inflation slows

rates. As a result, there was a drop in the market players’ inflation expectations. Please refer to ‘Financial Review: Monetary Policy Environment’ No.4, a