Inflation and Monetary Policy in Russia in December 2014

Russian Economic Developments, No. 2, pp. 5-8, 2015

4 Pages Posted: 26 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 24, 2015

Abstract

Due to the turmoil in the foreign exchange market, the Bank of Russia lifted on the 16th of December the key interest rate up to 17% p.a. in an effort to stop the ruble’s rapid depreciation. In December 2014, the consumer price index stood at 2.6% (0.5% in December 2013 ), up 1.3 p.p. above the value seen in November. As a result, inflation went up to 11.4% on an annualized basis. The consumer price index reached 1.5% within the first 19 days in January 2015.

Keywords: Russian economy, inflation, monetary policy

JEL Classification: P24, E52

Suggested Citation

Bozhechkova, Alexandra, Inflation and Monetary Policy in Russia in December 2014 (February 24, 2015). Russian Economic Developments, No. 2, pp. 5-8, 2015, Available at SSRN: https://ssrn.com/abstract=2569358

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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