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Inflation and Monetary Policy

Author

Listed:
  • Natalia Luksha

    (Gaidar Institute for Economic Policy)

Abstract

In September the growth rate of food prices, higher cost of fuel, as well as a new stage of regulated tariffs indexing have provoked acceleration of consumer price inflation: as per the month results, CPI amounted to 0.6% (vs.0% in September 2011). Within three weeks of October, there was no reduction in the growth rate of consumer prices, and on October 22 it was recorded at the level of 0.3% (against 0.2% in the same period of 2011). As a result, the cumulative inflation since the beginning of the year made 5.7% (vs. 4.9% in the same period of the last year). According to tentative estimates of the Central Bank, the net capital outflow from the country in Q3 reached $13.6bn, exceeding the outflow in Q2 of this year. Thus, over the first nine months of 2012 capital outflow amounted to $57.9bn (vs. $45.5bn in the relevant period of 2011).

Suggested Citation

  • Natalia Luksha, 2012. "Inflation and Monetary Policy," Russian Economic Development, Gaidar Institute for Economic Policy, issue 11, pages 10-16, October..
    • Handle: RePEc:gai:recdev:13
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    More about this item

    Keywords

    Inflation; Monetary Policy;

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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