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140 120 100 80 60 40 20 ○ 14% 12% 10% 8% 6% 4% 2% 0% -2% Jan-14 May-14 INFLATION TARGETING SINCE 2009 ANNUAL INFLATION Inflation acceleration reflects utility price increases, higher world commodity and transportation prices, along with pent-up demand Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 Headline inflation WORLD COMMODITY PRICES Energy Non-energy Jun-18 Oct-18 Feb-19 Jan-14 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21 Core inflation Source: World Bank Note: Jan2014=100 140 MONTHLY INFLATION Source: Geostat 12.8% 14% 5% 12% 4% 10% 3% 8% 6.2% 2% 6% 4% 1% 2% 0% 0% -1% мам -2% -2% Source: Geostat 5% 4% 3% 1.3% 2% M 1% 0% -1% -2% 120 × ៩ ៦ 8 8 ៩ ៩ ៩ 100 6% 4% 2% 0% -2% 10% 8% Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 AVERAGE INFLATION May-17 Sep-17 Jan-18 r f f f f f f f Jun-18 Jun-18 Oct-18 Oct-18 Feb-19 Feb-19 Jun-19 Jun-19 Oct-19 Oct-19 Feb-20 Feb-20 Jun-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21 -2% 10% 7.9% 8% 6% 4% 2% 0% Source: Geostat Oct-20 Feb-21 Jun-21 Oct-21 52

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