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core inflation (as % of corresponding month of previous year) 2008 2009 2010 2011 core inflation inflation core inflation inflation core inflation inflation core inflation inflation

to lower direction. inflation. The following factors influenced the dynam In 2001, the inflation rate in the economy was ics of core inflation. formed under

a significant slowdown in inflation and a strong balance of tial for the output of competitive products in the future. Inflation in 2000 was on

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: