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311
and
• a more considerable and longer-term impact of the ruble appreciation in 2019 than was assumed in our baseline forecast.
In addition, there is a
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and production chains.
All this shapes a more persistent character of inflation compared to October expectations and calls for a due monetary policy response. Given
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9–3.2%
Inflation reduction is driven by a number of factors:
• larger food supply due to a good harvest,
• ruble appreciation,
• inflation slowdown in
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round of a slump in oil prices, despite the new OPEC+ deal
• the introduction of anti-pandemic restrictions in Russia.
A positive aspect is a slight
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the year of 4.8–5.4% p.a. in 2021 and 5.3–6.3% p.a. in 2022. The Bank of Russia forecasts
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August largely driven by temporary factors. A more modest harvest of vegetables and growing livestock costs are behind a considerable acceleration in food inflation.
Core
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a decorative ornament, designed in relief, on the right.
Authors
Designers: E.V. Kramskaya (obverse), S.V. Sutyagin (reverse).
Sculptors: A.A. Dolgopolova (obverse), A.
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1837’ and a decorative ornament under the portrait.
Authors
Designers: E.V. Kramskaya (obverse), S.V. Sutyagin (reverse).
Sculptors: A.A. Dolgopolova (obverse), A.V.
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a relief image of a lyre, at the bottom.
Authors
Designers: E.V. Kramskaya (obverse), S.V. Sutyagin (reverse).
Sculptors: A.A. Dolgopolova (obverse), A.
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bottom rim, the mint mark at the bottom right.
Reverse
a relief image of a fragment of the monument to the Heroes of the Front