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Monetary Policy and Inflation in July 2022
[Денежно-Кредитная Политика И Инфляция В Июле 2022 Г]

Author

Listed:
  • Yury N. Perevyshin

    (Russian Presidential Academy of National Economy and Public Administration)

  • Pavel V. Trunin

    (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration)

Abstract

Following the meeting on July 22, the Bank of Russia cut the key rate by 150 bp at a time to 8% per annum, while most analysts expected the rate reduction by 50 bp The decision was motivated by the slowdown in current inflation, lower inflation expectations of households and businesses, as well as weak consumer demand. The Bank of Russia has strengthened the signal on the further dynamics of the key rate compared to the last press-release, however it is still rather soft, which indicates a continuation of the monetary cycle easing in H2 2022. The updated range of the average key rate value for 2022 allows for its reduction to 6.5% by the end of the year.

Suggested Citation

  • Yury N. Perevyshin & Pavel V. Trunin, 2022. "Monetary Policy and Inflation in July 2022 [Денежно-Кредитная Политика И Инфляция В Июле 2022 Г]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 8, pages 15-20, August.
    • Handle: RePEc:gai:recdev:r2266
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    More about this item

    Keywords

    inflation; monetary policy; key rate; capital outflow; Bank of Russia;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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