the fourth quarter, apparently, was what is it and why does business ne it not the most optimal period for them, so we expect to hold them in the first half of next year. The Bank of Russia will certainly take the results of these public discussions into account when formulating its position on certain issues. The final results of the review will be summ up by the middle of next year so that they are already reflect in the main directions of the single state monetary policy for the next cycle.
It is widely accept that inflation
Divid into monetary and non-monetary. I want to emphasize that we use the adjective “non-monetary” in relation to factors, not to inflation itself. Non-monetary factors are recogniz mainly on the supply side, which do not directly and significantly depend on the actions of monetary policy. Inflation is, after all, the consumer price index. When we start evaluating in parts, it is no longer inflation, but some components.
When we talk about the decomposition
of inflation within the framework of in pursuit of easy money the logic that is usually tri to be appli (division into monetary and non-monetary), we are still talking about the stable component and the time agb directory component. In the first approximation, the time component is largely connect with non-monetary factors, but not only with them.