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owing to one-off factors in the passenger transportation market. In October, annual inflation slowed down again, to 12.63%. The monetary policy stance will pave

They will be 5–7% up next year. Inflation will return to 4% in 2024. Inflation, inflation expectations and Bank of Russia key rate Source:

risks for inflation. According to our forecast, annual inflation will equal 12–13% as of the end of the year. As to the inflation rate

helped protect them against inflation. Bank of Russia Annual Report for 2021 Summary 13 Concurrently, due to higher inflation and inflation expectations, monetary conditions remained

11 5 inflation Inflation % YoY Sep22 13.7 14.2 13.7 14.2 13.3 12.7 14.6 12.5 Core inflation % YoY

annual inflation. Inflation expectations of households and businesses are high and have slightly grown relative to the summer months. The updated forecast assumes inflation for

very effective tool for controlling inflation. I can give you an example. In February this year, when inflation and inflation expectations soared, it was the

2023 2024 2025 (actual) Inflation, as % in December year-on-year 8,4 12.0-13.0 5.0-7.0 4.0 4.0 Inflation, average for the

annual inflation. Inflation expectations of households and businesses are high and have slightly grown relative to the summer months. The updated forecast assumes inflation for

and inflation, while influences short-term money market rates; lower ones stimulate them, creating conditions short-term rates influence long-term rates and for a rise in inflation.