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in individual segments of the financial market continued to rise in December. Inflation expectations grew again and constrained the tightening of monetary conditions. In November,

net buyers. Implied inflation.9 Medium- and long-term OFZ yields went down as implied inflation decreased. In November, monthly average implied inflation for OFZ-IN 52002

from the previous year, inflation expectations, imported inflation and ‘other 13 Banco Central do Brasil (2023). Inflation Report Box ‘2022 Inflation Decomposition’, March, pp. 72

of Russia changed the monetary policy rule from exchange rate management to inflation targeting. Various monetary and macroprudential policy rules applied by regulators to maintain

previously implemented support measures). In the long term, a decrease in inflation and inflation expectations will contribute to macroeconomic stability and a gradual key rate

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

we may expect them to rise with the pace of inflation. The predicted cumulative inflation is above 40%. If the bank does not upward revise

MB MB MB MB MBs’ percentage in inflation % 2023 100 34 11 12 14 13 11 5 Inflation % YoY Oct23 6.7 6.7 6.

between the official inflation reading and peoples’ estimate of inflation, observed inflation. Beyond observed inflation, we monitor the expected inflation indicator for inflation 12 months

growth in recent months. Households’ inflation expectations and businesses’ price expectations have increased. Analysts’ inflation expectations remain above the inflation target in 2024 but are