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Inflation Review 2007 Q1 Introduction ........................................................... 1 Inflation Dynamics ................................................... 2 Monetary Conditions .............................................. 12 Statistical Addendum ............................................. 20 Research and Information Department The electronic version of Quarterly Inflation

RUSSIA) Quarterly Inflation Review 2006 Q4 Introduction ........................................................... 1 Inflation Dynamics ................................................... 2 Monetary Conditions .............................................. 13 Statistical Addendum ............................................. 21 Research and Information Department Quarterly Inflation Review is

Inflation Review Contribution to monthly inflation growth by group of goods and services Foodstuffs* Non-food products Paid services Vegetables and fruit Core inflation Non-core inflation

Quarterly Inflation Review 2006 Q2 Introduction ........................................................... 1 Inflation Dynamics ................................................... 3 Quantitative and Qualitative Monetary Indicators .......... 17 Statistical Addendum ............................................. 25 Research and Information Department Inflation Dynamics

Inflation Review Contribution to monthly inflation growth by group of goods and services Foodstuffs* Non-food products Paid services Vegetables and fruit Core inflation Non-core inflation

Quarterly Inflation Review 2005 Q4 Introduction ........................................................... 1 Inflation Dynamics ................................................... 3 Quantitative and Qualitative Monetary Indicators .......... 17 Statistical Addendum ............................................. 25 Research and Information Department Inflation Dynamics

services excluded from the core inflation calculation. 2005 Q3 29 Quarterly Inflation Review Contribution to Inflation Growth (%) Contribution to inflation growth over period since start

core inflation calculation. 2005 Q2 27 Quarterly Inflation Review Monthly inflation growth due to changes in prices by group of goods and services Inflation over

Inflation Review Contribution to monthly inflation growth by group of goods and services Foodstuffs* Non-food products Paid services Vegetables and fruit Core inflation Non-core inflation

Inflation Review 2004 Q4 37 Quarterly Inflation Review 38 2004 Q4 Quarterly Inflation Review 2004 Q4 39 Quarterly Inflation Review 40 2004 Q4 Quarterly Inflation