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Inflation Continues to Slow Down

Alexandra Bozhechkova – Head of Monetary Policy Department of the Center for Macroeconomics and Finance of the Gaidar Institute; Senior Research fellow of the Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Pavel Trunin – Head of Center for Macroeconomics and Finance of the Gaidar Institute; Leading Research fellow of the Center for the Study of Central Banks, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences. Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In January 2018, inflation hit its record low of 2.2% relative to January 2017, while the Bank of Russia further eased its monetary policy by reducing the key rate by 0.25 pp to 7.5%. In absence of new inflation-triggering shocks, inflation this year may once again plunge its target set by the RF Central Bank.

Key words: inflation, monetary policy, key rate, outflow of capital, Bank of Russia.