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2017 2018 2019 2020 2021 Observed inflation Expected inflation Annual inflation The impact of one-off supply-side drivers of inflation translates into growing prices for a

was consid- by restrictions, was moderate over the year. INFLATION, CORE INFLATION, AND AVERAGE ANNUAL INFLATION* Chart 6 (GROWTH AS A PERCENTAGE OF CORRESPONDING MONTH

promise to raise the inflation target after entering the positive rate area: this raises both expected future inflation and current inflation, leading to a drop

at the ZLB. At the ZLB, the regulator is less responsive to inflation changes, and the interest rate is more persistent. In the case of

Instruments are Inflation 4.3% Inflation 3.0% Inflation 7.4% Inflation targeting is “Floating rate and represented as a developed, the inflation targeting by

knitwear, and smallware. Inflation in these product groups was lower than in other categories for a long period. REGIONAL HETEROGENEITY OF INFLATION. Inflation trends in

Excluding the most volatile components CPI Overall inflation Food Inflation target Non-food Services Trend inflation (5-year rolling window) Inflation target Source: Rosstat, R&F Department

operating objective of the Bank of Russia’s monetary policy within the inflation targeting strategy is to maintain rates in the unsecured overnight segment of

capable of bringing inflation back to our target, bringing back inflation mainly driven by sustainable factors. Core inflation is currently above our inflation target. Certainly,

2021 2022 2023 2024 Inflation, as % in December year-on-year 4.9 7.4-7.9 4.0-4.5 4.0 4.0 Inflation, average for the