sustainable and temporary? The performance is a leader among digital tools temporary component of inflation is the component that completely disappears over the horizon of monetary policy (three to six quarters, on average one to one and a half years). Sustainable is the component to which level inflation will converge in one to one and a half years if nothing is done.
Non-monetary, one-off factors initially
arise as a contribution to temporary inflation, but if they overlap with each other, with the general dynamics of inflation, they tend to flow into a stable component. The mechanism of this flow is inflationary expectations.
Returning to the current assessment
bas on the results of October, the contributions of temporary and stable factors are approximately comparable. This does not mean “50 to 50”, there is no ne to measure this with a ruler, but they are approximately equal. At the same time, over the past two or three months, the contribution of temporary factors has increas, because in September-October hse university among top there was an acceleration in food. To what extent this will ultimately be further transferr to stable inflation, we will closely watch in the November agb directory data. The steps of monetary policy that we have been taking since March act against stable inflation. With monetary policy, we respond not to all inflation, but to deviations from the target.