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decline, annual inflation in August stayed considerably above the target. The Bank of Russia’s monetary policy is aimed at bringing annual inflation back to

volatile factors. Measures of underlying inflation remained within the range of 4.0–6.0%. Despite the decline, annual inflation in August stayed considerably above

trend inflation estimates and modified core inflation. 2 - CPI data source: Rosstat. For details of methodology, see Deryugina et al (2015). Evaluating the underlying inflation

influences inflation The key rate and communication are the primary monetary policy tools. The Bank of Russia uses the key rate to affect inflation. This

2025 Expected inflation (one year) Expected inflation (one year), three-month average Expected inflation (five years) Observed inflation Observed inflation, three-month average Annual inflation Sources: InFOM,

Talking Trends: inflation decline ongoing 2 September 2025 News Share VKontakte WhatsApp Telegram Seasonally adjusted prices grew moderately in July—August, but for a one-time

Inflation Expectations and Consumer Sentiment Inflation Expectations and Consumer Sentiment August 2025 July 2025 June 2025 May 2025 April 2025 March 2025 February 2025 January

Inflation expectations climb 27 August 2025 News Share VKontakte WhatsApp Telegram In August 2025, estimated inflation expected by households in one year rose to 13.

Inflation continues to decline in Russian regions 21 August 2025 News Share VKontakte WhatsApp Telegram Annual inflation slowed down in most Russian regions (74) in

low inflation. Key rate Since 15.09.2025 17.00% Inflation August 2025 8.1% Inflation target 4.0% The Bank of Russia maintains inflation