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for calculating the indicators of core inflation contributed less to inflation than in the previous year. The decline in inflation was brought about by a

the assessment of inflation risks and economic growth prospects. In February and in the beginning of March 2013 the pace of inflation was estimated at

of the most important Fund. The sources of external financing represent foreign inflation indicators. The CPI reflects a change of the overall level of currency

of the most important Fund. The sources of external financing represent foreign inflation indicators. The CPI reflects a change of the overall level of currency

was supported by the assessment of inflation risks and economic growth prospects. In January 2013 the pace of inflation increased to 7.1% over a

41 3 List of Charts Chart 1. GDP Growth 9 Chart 2. Inflation Growth 9 Chart 3. US Budget and Current Account Deficit 10 Chart

of the most important Fund. The sources of external financing represent foreign inflation indicators. The CPI reflects a change of the overall level of currency

in quarterly monetary policy reports that are to replace the current Quarterly Inflation Reviews. 13 Chart 11. Banking liquidity drivers in 2012 In September 2012,

the assessment of inflation risks and economic growth prospects. In December 2012 and at the beginning of January 2013 the pace of inflation increased to

core inflation (as % of corresponding month of previous year) 2009 2010 2011 2012 core inflation inflation core inflation inflation core inflation inflation core inflation inflation