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be region specific. Inflation expectations are also not well anchored in Russia, and therefore any rise in inflation usually leads to higher inflation expectations. The

Moreover, we also show that monetary policy transmission from interest rates to inflation takes about one year but this effect is only temporary. Monetary Policy

a result, post-pandemic global inflation has accelerated even further, and the restrained response of leading central banks could lead to high inflation becoming a chronic

decreased as the Bank of Russia eased its monetary policy amid slower inflation, which was due to a stronger ruble, among other factors. The exchange

MB MB MB MB MBs’ percentage in inflation % 2022 100 34 11 12 14 13 11 5 Inflation % YoY Apr 22 17.8 18.0

for obligations of other issuers of the Russian Federation, credit achieving the inflation target. The key rate is set by the Bank institutions’ promissory notes,

4% in 2024. Inflation movements. Current inflation is appreciably below the Bank of Russia’s April forecast. As of 3 June, annual inflation is down

As regards the difference between inflation and the key rate, the question is what inflation you imply. Talking of annual inflation for the past 12

risks, and high inflation expectations) hampered the slowdown of the current price growth rate. As of the end of the year, inflation reached 8.4

the supply and demand side. The monetary policy stance will help bring inflation back to the 4% target in 2024. More details are presented in