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Inflation and Monetary Policy

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  • Natalia Luksha

    (Gaidar Institute for Economic Policy)

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    Abstract

    In August, the consumer price index was the lowest in the current year and amounted to 0.1% (against 0.2% decline in August 2011). The main inflation curbing factor was the inflation decline in food prices (-0.5%). The second phase of regulated tariffs indexation urged the acceleration of inflation in September, which made 0.4% within 17 days. As a result, cumulate inflation from the beginning of the year exceeded the relevant indicator of the previous year, amounting to 5% as of September 17 (vs. 4.6% in 2011). Foreign currency and gold reserves in mid-September reached the maximum peak of the four months and amounted to $522.8bn. From September 14, the Bank of Russia has tightened the monetary and credit policy, having raised the interest rate by 0.25 p.p. to 8.25%. On September 21, the Bank of Russia decided to reduce the maximum interest rate on deposits from October 1.

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    File URL: http://www.iep.ru/files/RePEc/gai/recdev/6Luksha.pdf
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    Bibliographic Info

    Article provided by Gaidar Institute for Economic Policy in its journal Russian Economic Developments.

    Volume (Year): (2012)
    Issue (Month): 10 (September)
    Pages: 35-40

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    Handle: RePEc:gai:recdev:6

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    Keywords: Inflation; Monetary Policy;

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