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monetary policy over the inflation targeting period. The objective of the MPR is to comprehensively assess the first results of inflation targeting in Russia and

prices. Annual inflation slowed down for the third consecutive month to 15.1%. The current monetary policy stance will pave the way for inflation to

inflation is an essential prerequisite for the balanced growth of the economy in any environment, including the current conditions. Our inflation target is annual inflation

July was primarily associated with the trends in inflation and inflation expectations: inflation decelerated significantly, and inflation expectations lowered to the levels of spring 2021

MB MB MB MB MBs’ percentage in inflation % 2022 100 34 11 12 14 13 11 5 Inflation % YoY June22 15.9 16.3 15.

operational objective of the Bank of Russia’s monetary policy within the inflation targeting strategy is to maintain rates in the unsecured overnight segment of

2020 2021 2022 Average core inflation indicators Overall inflation CPI Inflation target Median (more than 500 components) Trend inflation Inflation target * Computed by the method

Ural MR’s inflation on the Ural MR’s (5) inflation 0.1334 Weight of the Ural MR inflation in nationwide inflation (5) 0.7994

2021 2022 2023 2024 (actual) Inflation, as % in December year-on-year 8.4 12.0-15.0 5.0-7.0 4.0 Inflation, average for the year,

main thing is the inflation forecast, and we make decisions based on our inflation forecast and the path needed to bring inflation back to the