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evidenced an easing of monetary and credit conditions in the economy. Rising inflation expectations of households and businesses had an easing effect on monetary and

an account with an annual interest rate of 8%, while the annual inflation was 10%. Do you think that you can now buy more, less,

formation of long-term interest rates in the economy and the role of inflation expectations in this process (Box 1). The analysis of the fiscal policy

FD FD FD FD MBs’ percentage in inflation % 2023 100 34 11 12 14 13 11 5 Inflation % YoY May23 2.5 3.0 2.

2023 Average core inflation indicators CPI Mobile phones Televisions Median (566 items in 2023) Refrigerators Washing machines Trend inflation Computers (right scale) Inflation target Sources:

2023, is gaining momentum. Inflation expectations of households and businesses remain elevated. Moreover, inflation expectations of households increased in July. Analysts’ inflation expectations for 2023

2023, is gaining momentum. Inflation expectations of households and businesses remain elevated. Moreover, inflation expectations of households increased in July. Analysts’ inflation expectations for 2023

2024 2025 2026 (actual) Inflation, as % in December year-on-year 11.9 5.0-6.5 4.0 4.0 4.0 Inflation, average for the year,

borrowers alike are determined by the level of inflation and inflation expectations. High inflation accompanied by unanchored inflation expectations suggests a high key rate and

Through any of these channels, higher inflation. This mechanism is based on interest market rates constrain demand and inflation, rates and yields in the key