Inflation and Monetary Policy in November 2014

Russian Economic Developments. Moscow, 2015, #1, pp. 6-10

5 Pages Posted: 23 Feb 2015

See all articles by Alexandra Bozhechkova

Alexandra Bozhechkova

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

Date Written: February 5, 2015

Abstract

In November 2014, the Consumer Price Index (CPI) amounted to 1.3% (vs. 0.6% in November 2013), which is 0.5 p.p. above its value recorded in October. In response to the mounting panic in the foreign exchange market, from 16 December the Bank of Russia raised its key interest rate to 17% per annum in an attempt to curb the ruble’s rapid depreciation. In November, the inflation rate in the Russian Federation was once again on the rise: the Consumer Price Index (CPI), as seen by the month-end results, amounted to 1.3% (vs. 0.8% in October 2014), which is 0.7 p.p. above the same index for 2013. As a result, the inflation rate in per annum terms climbed to 9.1% (Fig. 1). The core inflation rate1 in November 2014 was 1.0%, which is below its index for the same period of last year by 0.5 p.p.

Keywords: Russian economy, inflation, monetary policy

JEL Classification: P24, E52

Suggested Citation

Bozhechkova, Alexandra, Inflation and Monetary Policy in November 2014 (February 5, 2015). Russian Economic Developments. Moscow, 2015, #1, pp. 6-10, Available at SSRN: https://ssrn.com/abstract=2560898 or http://dx.doi.org/10.2139/ssrn.2560898

Alexandra Bozhechkova (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny pereylok 3-5
Moscow, 125993
Russia

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - Institute of Applied Economic Research ( email )

Russia

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