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growth slowed down; depreciation of emerging market currencies, including the ruble, triggered inflation growth. In this situation, the Government of the Russian Federation and the

making by a party (parties) thereto of a respective currency, interest rates, inflation rate, deriva and (or) by the person (persons) in whose interests the

the current inflation than we have predicted earlier. Inflation expectations of households and businesses exacerbated against this backdrop. Nevertheless, going forward we expect inflation to

the higher inflation risks amid persistent risks of considerable economy cooling. August saw a serious deterioration in foreign economic conditions. Inflation and inflation expectations were

Destruction, Inter- American Development Bank, 2009 Calvo, Guillermo A. & Vegh, Carlos A., Inflation stabilization and bop crises in developing coun- tries, in: J. B. Taylor

purchase and sale transactions with indi of a respective currency, interest rates, inflation rate, deriva viduals by authorized banks and their branches ranged by an

that had return above inflation pieces 63 68 1 3 NPFs that had return at 1.0% or more above inflation pieces 42 50 1

annual inflation reduction in years 2015-2017. A slowdown in consumer price growth will make room for inflation expectations decrease. In early 2016, annual inflation is

purchase and sale transactions with indi of a respective currency, interest rates, inflation rate, deriva viduals by authorized banks and their branches ranged by an

preconditions necessary for reducing Inflation (as % over last 12 months) Chart 2.1.2 inflation expectations. Inflation According to estimates, inflation will slow to 10-