Template-Type: ReDIF-Article 1.0
Author-Name: Natalia Luksha
Author-Name-First: Natalia 
Author-Name-Last: Luksha
Author-Workplace-Name:  Gaidar Institute for Economic Policy 
Title: Inflation and Monetary Policy
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.
Classification-JEL: E60, E61, E64, E62
Keywords: Inflation, Monetary Policy
Journal:Russian Economic Developments
Year: 2012 
Issue: 10
Month: September
Pages: 35-40
File-URL: http://www.iep.ru/files/RePEc/gai/recdev/6Luksha.pdf
File-Format: Application/pdf
Handle: RePEc:gai:recdev:6