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declining level of inflation half of 2002 was commensurate with the demand and inflation expectations. Along with the reduc for money with inflation running at

GDP growth at 5.2%. The rate term inflation trend. of core inflation, corresponding to the inflation In effect, the macroeconomic situation in 2004 target,

mechanism. Inflation remained low in comparison with the target for 2012, amounting to 3.7% over year ago as of 9 of June. Core inflation

inflation remained low in comparison with the target for 2012 — at 3.6% over year ago, while core inflation rate declined to 5.3%. Inflation

assessment of inflation risks and economic growth prospects. In March inflation rate remained low — at 3.7% over a year ago, while core inflation rate

inflation continued to decelerate: as of 5 March the pace of inflation declined to 3.7% over a year ago. The pace of core inflation

the assessment of inflation risks and risks of economic growth slowdown, including those associated with the global economic uncertainty. In January 2012 inflation decelerated significantly:

of the interest rate channel of monetary policy transmission to inflation. In the past month inflation rate retained its downward tendency and as of 19

modern monetary analysis Demand for money Interaction between monetary factors and inflation. Forecasting inflation processes based on money indicators Analyzing and modelling financial sector performance

this largely explained the less pronounced slowdown in inflation in October—November. As of 21 November 2011 inflation reached 7.0% over year ago (7.