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о 09 Jan-14 May-14 Sep-14 Jan-15 140 120 100 80 0% -2% 14% 12% 10% 8% 6% 4% Jan-14 May-14 Sep-14 Jan-15 May-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 ANNUAL INFLATION Headline inflation WORLD COMMODITY PRICES -Energy Non-energy May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-... Sep-20 Jan-21 May-21 Sep-21 Jan-22 Jul-17 Nov-17 INFLATION TARGETING SINCE 2009 Mar-18 Jul-18 Nov-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Jan-21 May-21 Sep-21 Jan-22 Core inflation 5.6% 6% %7 -2% 0% 2% MONTHLY INFLATION Source: Geostat Source: Geostat 13.9% 14% 5% 4% 12% 10% 3% 8% Jan-14 May-14 Sep-14 Note: Jan2014=100 Source: World Bank AVERAGE INFLATION 120 140 100 80 60 40 20 о Jan-14 May-14 Sep-14 Jan-15 May-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Jan-21 May-21 Sep-21 Jan-22 Jan-15 May-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Jan-21 May-21 Sep-21 Jan-22 Source: Geostat 10.5% 12% 10% W 1% 1.1% 2% 551 51

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