Inflation expectations go up in October

In October, households’ inflation expectations returned to their five-year highs. According to a survey by inFOM commissioned by the Bank of Russia, respondents estimate 12-month ahead inflation at 13.6%. According to the Bank of Russia's monitoring, companies’ short-term price expectations also increased but remained below the local high of May—June 2021. Analysts revised their inflation outlook for 2021 upwards to 6.4–7.0%.