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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

borrowers alike are determined by the level of inflation and inflation expectations. High inflation accompanied by unanchored inflation expectations suggests a high key rate and

Through any of these channels, higher inflation. This mechanism is based on interest market rates constrain demand and inflation, rates and yields in the key

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

through their higher costs to prices more actively. A possible rise in inflation expectations following the ruble weakening might become another proinflationary factor. More details

lower inflation. Three quarters into the shock, the interest rate becomes negative as a consequence of stabilised lower inflation under the Taylor rule. The inflation'

a Monetary Policy Instrument.......................................................... 13 Inflation Target Format........................................................................................................ 16 Inflation target level.....................................................................................................................................................................16 Inflation target type....................................................................................................................................................................19 Indicator employed for inflation targeting.......................................................................................................................20 Description of

of ultra- low interest rates. However, inflation risks remain elevated and the need to raise rates further to curb inflation could cause a number of

expectations, at least in the short and medium term. The stabilisation of inflation depends on the response of prices to changes in the foreign exchange

very cautiously. We firmly believe that inflation is the critical anchor in the economy and that low and predictable inflation is crucial to ensure people