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listening. Terms apply. This is CBSI in the world. I'm John Baxter. Michael Bernstein, the Hoover Institution is here, my guide on Russia under sanctions.

We're going to discuss inflation today and the supply chain and the price of oil. We begin with the Moscow report in these last hours.

Reuters. Russian consumer prices rose 0.37% in a week, up from 0.3% of the previous week,

driven by price growth for butter, sunflower oil, dairy products, and potatoes, pushing the

headline figure since the start of the year to 7.4%. Michael, I've learned from your colleague at Hoover

Institution, Professor John Cochran, the important thing to pay attention to is not the price

of this or that. It's the inflation level, which continues to rise in Russia, I believe.

Have I got that correct? Good evening to you, Michael.

Rudin to you, it is correct. The level is important and the trend is important. The world

think about inflation, that it tends to accelerate. It moves on its own because people are rushing

to buy things they will become more expensive. It's very hard to reduce inflation at any level if it is accelerating,

because first you have to stop its growth.

And that's what happens in Russia for the last several months

that inflation has been accelerating.

The target of inflation of the Russian Central Bank is 4%.

The Federal Reserve has the target of 2%.

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