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reserves equalled 9.9% and 8.8%, respectively, which exceeded the annual inflation rate of 7.4%. Read more in the Review of Key Indicators

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

expand supply, inflation will return to the target somewhat more slowly than the Bank of Russia forecast in February. The return of inflation to target

2023 2024 2025 2026 (actual) Inflation, as % in December year-on-year 7.4 4.3-4.8 4.0 4.0 Inflation, average for the year, as

close inflation is to the target. ALEXEY ZABOTKIN: Hypothetically, if annual inflation were to sit at around 7%, it would mean that persistent inflation were

expand supply, inflation will return to the target somewhat more slowly than the Bank of Russia forecast in February. The return of inflation to target

inflation remained at February’s level at 7.7% (Table 1). Table 1. Inflation and its components Figure 1. Price rises corresponding to an inflation

the inflation targeting regime, with the objective of monetary policy staying the same – keeping annual inflation close to 4%.2 Low and stable inflation makes

higher market rates constrain demand and inflation, while lower ones stimulate them. In addition to monetary policy and demand, inflation and financial market trends are

was attributed largely to one-off disinflationary factors, whereas the measures of underlying inflation remain elevated. The supply of goods and services still lags behind high