Russia's Inflation and Monetary Policy in June 2015

Russian Economic Developments. Moscow, 2015, #8, pp. 6-9

4 Pages Posted: 13 Sep 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: September 12, 2015

Abstract

Both stabilized inflation and ruble exchange rate allowed the Bank of Russia Board of Directors to further cut the key interest rate to 11.50% p.a. on 15 June 2015. The cut was triggered by the fact that Russia’s economy was still facing serious downside risks amid lower risks of inflation. Consumer prices in June 2015 increased 0.2% (0.6% in June 2014), a decrease of 0.2 p.p. compared to May 2015. As a result, inflation in June 2015 was 15.3% compared to June 2014. The Consumer Price Index gained 0.9% in the first 20 days of July 2015, basically due to a rise in tariffs on natural monopolies’ services.

Keywords: Russian economy, inflation, monetary policy, central banks

JEL Classification: P24, E52

Suggested Citation

Bozhechkova, Alexandra, Russia's Inflation and Monetary Policy in June 2015 (September 12, 2015). Russian Economic Developments. Moscow, 2015, #8, pp. 6-9. Available at SSRN: https://ssrn.com/abstract=2659493 or http://dx.doi.org/10.2139/ssrn.2659493

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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