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included in the core inflation calculation accounted for an estimated 3.0 per- 2011 Q2 4 Inflation Dynamics Consumer price inflation (%) Growth June 2011 on

in core inflation calculation 2.5 1.5 Acceleration of growth by 1.0 Source: Rosstat. 2011 Q1 4 Inflation Dynamics Food price inflation (%) Growth

core inflation calculation 6.6 8.3 Slowing of growth by 1.7 percentage points Source: Rosstat. 2010 Q4 4 Inflation Dynamics Food price inflation

core inflation calculation 4.3 7.3 Slowing of growth by 3.0 percentage points Source: Rosstat. 2010 Q3 4 Inflation Dynamics Food price inflation

inflation risks at the end of the banks. However, this process was hampered 2010 and in 2011. 2010 Q2 3 Inflation Dynamics Consumer prices inflation

core inflation calculation 1.5 4.3 Slowing of growth by 2.8 percentage points Source: Rosstat. 2010 Q1 4 Inflation Dynamics Food price inflation

percentage points) Foodstuffs 1 Non-food Paid Vegetables and Inflation over Core Non-core products services fruit period, % inflation inflation 2 2007 January 0.2 0.1

in the same pe- 2009 Q3 7 Quarterly Inflation Review Inflation in countries trading with Russia1 Inflation in the countries accounting for a substantial portion

Bank and the IMF. 2009 Q2 7 Quarterly Inflation Review Inflation in countries trading with Russia1 Inflation in countries with a significant weight in Russian

latest consumer price trends. Inflation surveys published in countries implementing inflation targeting (inflation forecasts) offer projected inflation estimates to study potential inflation deviation from the