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1071
18.05.2023
Russia summarises findings of its review of the monetary policy over the inflation targeting period since 2015. The review focused on the assessment of the
Russia) Bank of Russia key rate RUONIA Zero coupon yield curve EURIBOR Inflation rate in Russia
Source: Bank of Russia.
for 30 June 2023 (the
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
1074
12.05.2023
did not change much. Annual growth of money supply somewhat slowed. Households’ inflation expectations declined while businesses’ price expectations slightly rose.
In March, lending activity
inflation.
Central banks often publish various decompositions of inflation or inflation rates
excluding volatile components, e.g., inflation without electric power or food products,
inflation
1076
11.05.2023
Russia key rate • July 2016
Money stock composition and inflation risks • May 2016
Measuring Domestically Generated Inflation • May 2016
Deposit dollarization and national currency depreciation
improved consumer sentiment
sustainable inflationary pressures remained moderate. Inflation expectations of
households and businesses were still elevated. Inflation risks stemming from fiscal policy,
the labour
MB
MB MB MB
MBs’ percentage in inflation % 2023 100 34 11 12 14 13 11 5
Inflation % YoY Mar23 3.5 4.2 3.
1079
28.04.2023
stance, annual inflation will come in at 4.5–6.5% in 2023 to return to 4% in 2024.
Inflation movements. Annual inflation is down
2022
2023 2024 2025
(actual)
Inflation, as % in December year-on-year 11.9 4.5-6.5 4.0 4.0
Inflation, average for the year, as