Monetary Policy and Inflation in July 2022

Денежно-кредитная политика и инфляция в июле 2022 г

Yury N. Perevyshin and Pavel Trunin
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Yury N. Perevyshin: Russian Presidential Academy of National Economy and Public Administration

Russian Economic Development, 2022, issue 8, 15-20

Abstract: Following the meeting on July 22, the Bank of Russia cut the key rate by 150 bp at a time to 8% per annum, while most analysts expected the rate reduction by 50 bp The decision was motivated by the slowdown in current inflation, lower inflation expectations of households and businesses, as well as weak consumer demand. The Bank of Russia has strengthened the signal on the further dynamics of the key rate compared to the last press-release, however it is still rather soft, which indicates a continuation of the monetary cycle easing in H2 2022. The updated range of the average key rate value for 2022 allows for its reduction to 6.5% by the end of the year.

Keywords: inflation; monetary policy; key rate; capital outflow; Bank of Russia (search for similar items in EconPapers)
JEL-codes: E31 E52 F31 (search for similar items in EconPapers)
Date: 2022
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