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inflation to the target in 2026. Further key rate decisions will depend on the sustainability of the decrease in inflation and changes in ANNUAL INFLATION

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

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 Telegram Макс Seasonally adjusted prices grew moderately in July—August, but for a one-time

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

INFLATION BY GROUP OF GOODS AND SERVICES Table 8 (PP) Fruit and Inflation over Non-core Food products Non-food goods Services Core inflation vegetables period, % inflation

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

Annual inflation continues to decline in July 18 August 2025 News Share VKontakte Telegram Макс Over the past 12 months, inflation in Russia came in

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,