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momentum and inflation expectations are on the rise. Hereinafter, with current price growth rates staying at the attained levels the risk of inflation’s deviation

as well. Inflation pressures net of temporary factors and goods with volatile prices were growing under the influence of rising demand. Annual inflation will be

annual inflation of close to 4%. This inflation target is effective on a permanent basis. The results of the studies prove that the inflation target

aimed at returning inflation to 4%. The Bank of Russia will implement monetary policy measures depending on the situation in the economy, inflation trends, and

evidenced an easing of monetary and credit conditions in the economy. Rising inflation expectations of households and businesses had an easing effect on monetary and

an account with an annual interest rate of 8%, while the annual inflation was 10%. Do you think that you can now buy more, less,

formation of long-term interest rates in the economy and the role of inflation expectations in this process (Box 1). The analysis of the fiscal policy

FD FD FD FD MBs’ percentage in inflation % 2023 100 34 11 12 14 13 11 5 Inflation % YoY May23 2.5 3.0 2.

2023 Average core inflation indicators CPI Mobile phones Televisions Median (566 items in 2023) Refrigerators Washing machines Trend inflation Computers (right scale) Inflation target Sources:

2023, is gaining momentum. Inflation expectations of households and businesses remain elevated. Moreover, inflation expectations of households increased in July. Analysts’ inflation expectations for 2023