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As regards a reduction in the inflation rate, a slowdown in annual inflation — I am talking exactly of annual inflation — below 4% will be associated

2023 2024 2025 (actual / estimate) Inflation, as % in December year-on-year 11.9 5.0-7.0 4.0 4.0 Inflation, average for the year, as

inflation will come in at 5.0–7.0% in 2023 to return to 4% in 2024. Inflation movements. As of 6 February, annual inflation

inflation will come in at 5.0–7.0% in 2023 to return to 4% in 2024. Inflation movements. As of 6 February, annual inflation

11 5 inflation Inflation % YoY Dec22 11.9 12.5 11.9 12.4 11.7 11.0 12.7 11.9 Core inflation % YoY

pursued, the inflation rate approached the Bank of Russia’s target as early as the beginning of 2017. In 2017–2020, annual inflation hovered around

Working papers on the following topics can be submitted: • central banks’ policies; • inflation; • financial stability; • banks; • data analysis: methods and outcomes. Papers will be accepted

on Q4 results. Core inflation is still low but signs are emerging of its gradual acceleration. The balance of risks for inflation in 2023 is

Transmission Mechanism 5 No. 6 December 2022 Implied inflation. As of the end of December, implied inflation for OFZ-IN-52002 (2028) slightly increased to 6.3

started to abate somewhat. Annual inflation continued to decline and reached 11.94%. The Bank of Russia forecasts that inflation could temporarily drop below 4