Looking ahead over the next 12 months, we intend to set our monetary policy, using the CBR, to maintain core inflation as close as possible to 5 percent. Although inflation is the primary target of our monetary policy, we are also concerned with the growth of real output, which is a secondary objective of monetary policy.
And they provide the Bank with an effective mechanism for assessing demand pressures. In this way, we can take action to prevent overheating when the economy is strong and is pushing against capacity limits, and to support growth when the economy is weak.