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a steady deceleration in inflation. While the first-quarter data bore this out, the trend reversed in the second quarter, when inflation stopped declining and even

on inflation expectations, on how inflation is perceived by households, on observed inflation. It is imperative we understand how people perceive inflation and which inflation

supply of goods and services. For inflation to begin decreasing again, monetary policy needs to be tightened further. Returning inflation to the target requires considerably

supply of goods and services. For inflation to begin decreasing again, monetary policy needs to be tightened further. Returning inflation to the target requires considerably

2025 2026 2027 (actual) Inflation, as % in December year-on-year 7.4 6.5-7.0 4.0-4.5 4.0 4.0 Inflation, average for the

early July. In addition, inflation expectations and the measures of underlying inflation, namely price growth medians, trend inflation and modified core inflation indices, rose as

into consideration when making decisions on monetary policy to analyse and forecast inflation and identify key trends in the economic development across Russia in general

given the situation for achieving Foreign currency-denominated assets and precious metals the inflation target. The key rate is set by the Bank of Russia mainly

the way new money is injected into the economy. Keywords: money supply, inflation, Cantillion effects, networks, input-output tables. JEL classification: C63, C67, D57, E31, E51.

Макс In June, the current inflation rate (seasonally adjusted) edged down, while staying higher than in 2024 Q1. Annual inflation sped up to 8.6