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to solidify disinflation processes unfolding in the national economy. The return of inflation to target in 2024 and its further stabilisation close to 4% assume

2024 2025 2026 (actual / estimate) Inflation, as % in December year-on-year 7.4 4.0-4.5 4.0 4.0 Inflation, average for the year, as

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

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

OFZ yields continued in January, indicating a tightening of monetary conditions. Higher inflation expectations of households and businesses in January compared to November slightly limited

inflation shock persistence 0.3 : standard deviation of foreign inflation shock 1.7 : foreign inflation trend shock persistence 0.8 : standard deviation of foreign inflation

to 2022 are presented in Appendix 1. Among the key topics are inflation, inflation expectations, the state of the economy (GDP), monetary conditions and financial

achieving the inflation target to limit potential risks to the real sector under tight monetary conditions. With improving inflation forecasts and stabilising inflation expectations, the

low- inflation" regime with anchored inflation expectations. Finally, to anchor inflation expectations, it is also possible to lower the target. The current target inflation rate

the current period, is QoQ inflation in the period, is QoQ annualised inflation in the period, and is the inflation target. However, the volatility of