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quarter, and a wider spread of corporate bonds, as well as higher inflation and changes in money market rates. Preview photo: Pedal to the Stock

сentral banks raise key interest rates as the main instrument to curb inflation. However, it is common in academic literature to note the lack of

No. 6 (65) / September 2023 Table 1. Inflation and its components Figure 1. Price rises corresponding to an inflation rate of 4%, % MoM July July

trillion provided for by the updated annual borrowing plan. Implied inflation.8 Average implied inflation for OFZ-IN 52002 (2028) edged up again in August to

FD FD FD FD MBs’ percentage in inflation % 2023 100 34 11 12 14 13 11 5 Inflation % YoY Jul23 4.3 4.7 4.

their value remained high. Annual inflation will continue to rise in the coming months. According to the forecast, annual inflation will be 6.0–7.

elevated inflation expectations that are reducing the tightness of monetary conditions. Borrowers compare credit rates with their inflation expectations. Those assuming that high inflation will

annual inflation will return to 4% in 2024 and stay close to 4% further on. Inflation movements. As estimated as of 11 September, annual inflation

2024 2025 2026 (actual) Inflation, as % in December year-on-year 11.9 6.0-7.0 4.0 4.0 4.0 Inflation, average for the year,

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