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the possibility of lowering the inflation target in the future. The Bank of Russia will consider this move once inflation slows down and stabilises close

To bring inflation back to the target, the Bank of Russia tightened its monetary policy. The measures taken helped the regulator considerably reduce inflation by

Research and Analytical Notes Monetary Policy Review - 2023 Work stream 1. Inflation target format Title Authors Publication Type Publication date Inflation Target Format Meshcheryakov, A.

a Monetary Policy Instrument.......................................................... 13 Inflation Target Format........................................................................................................ 16 Inflation target level.....................................................................................................................................................................16 Inflation target type....................................................................................................................................................................19 Indicator employed for inflation targeting.......................................................................................................................20 Description of

expected to send year-end inflation slightly above the 4% target. It is essential to stress that the slower pace of inflation is no happy accident.

the inflation targeting regime, keeping the monetary policy objective unchanged, i.e. to maintain annual inflation close to 4%.2 Low and stable inflation makes

the purchasing power of money as a result of sustainably low inflation. When inflation remains low, the volume of goods and services that may be

wording ‘close to 4%’ implies that inflation may slightly fluctuate around the target. More details on inflation If inflation significantly deviates from the target or

Annual inflation decreased in 65 out of 85 Russian regions. The Bank of Russia will continue to pursue its policy aimed at returning inflation to

double-digit price growth of 15% in annualised terms (speaking of current inflation). Before that, inflation had been accelerating fast as well. In response, we were