Inflation: The Results of 2019

Monitoring of Russia's Economic Outlook. 2020. Moscow. IEP. No. 2, pp. 5-7

3 Pages Posted: 7 Apr 2020

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

Pavel Trunin

Gaidar Institute for Economic Policy

Date Written: March 16, 2020

Abstract

In 2019, the significant inflation slowdown translated into a notable monetary policy easing. Over the course of the year, the Bank of Russia reduced its key rate 5 times (from 7.75 to 6.25% per annum), as a result of which, according to the Bank of Russia, it now stands near neutral level. Our experts forecast that in early 2020, the annual inflation rate may even plunge below 2%, and so the Bank of Russia may further ease its monetary policy. However, towards the year’s end, the growth rate of the Consumer Price Index may climb back into the range of 3.5–4% due to increased budget expenditure and domestic demand recovery.

Keywords: Russian economy, inflation

JEL Classification: E31

Suggested Citation

Bozhechkova, Alexandra and Trunin, Pavel, Inflation: The Results of 2019 (March 16, 2020). Monitoring of Russia's Economic Outlook. 2020. Moscow. IEP. No. 2, pp. 5-7, Available at SSRN: https://ssrn.com/abstract=3554964 or http://dx.doi.org/10.2139/ssrn.3554964

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

Pavel Trunin

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

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