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Inflation and Monetary Policy

Author

Listed:
  • Natalia Luksha

    (Gaidar Institute for Economic Policy)

Abstract

In August, the consumer price index was the lowest in the current year and amounted to 0.1% (against 0.2% decline in August 2011). The main inflation curbing factor was the inflation decline in food prices (-0.5%). The second phase of regulated tariffs indexation urged the acceleration of inflation in September, which made 0.4% within 17 days. As a result, cumulate inflation from the beginning of the year exceeded the relevant indicator of the previous year, amounting to 5% as of September 17 (vs. 4.6% in 2011). Foreign currency and gold reserves in mid-September reached the maximum peak of the four months and amounted to $522.8bn. From September 14, the Bank of Russia has tightened the monetary and credit policy, having raised the interest rate by 0.25 p.p. to 8.25%. On September 21, the Bank of Russia decided to reduce the maximum interest rate on deposits from October 1.

Suggested Citation

  • Natalia Luksha, 2012. "Inflation and Monetary Policy," Russian Economic Development, Gaidar Institute for Economic Policy, issue 10, pages 35-40, September.
    • Handle: RePEc:gai:recdev:6
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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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