The article discusses the theoretical validity of inflation targeting by the Bank of Russia based on the provisions of the New Theory of Money. This made it possible to establish that inflation targeting by monetary methods does not correspond not only to the laws of money, but also to the economic situation in Russia, and therefore it could not and did not give positive results. Based on the study, it was proposed to change the inflation target for the Bank of Russia to the target of ensuring sustainable growth of the country's economy, as well as a set of interrelated measures to form a state policy to prevent inflation growth by non-monetary methods. It was shown that the goal of inflation targeting should be set by other state structures, and not by an independent and not subordinate to the Government of the Bank of Russia. And the more confidently the financial authorities of the country will be guided by the theoretical proven provisions of the need to change the inflation targeting paradigm presented in the work, the faster the country's economy will grow at a controlled level of price growth.