Inflation and Monetary Policy in May 2014

Abstract

The consumer price index stood at 0.7% in May 2013 (0.5% in May 2012), showing an increase of 0.2 p.p. vs. April 2013. In June, prices were growing too: the consumer price index reached 0.3% within 20 days of the month, thereby boosting inflation by 7.4% on a year-on-year basis. A downtrend in the ruble exchange rate which was observed in May thru June didn’t result in any substantial growth in Central Bank’s currency interventions.