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in 2024. Inflation movements. Current consumer price growth rates remain low, contributing to a further slowdown in annual inflation. In June, annual inflation fell to

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,

last 20 years. Annual inflation slowed down again (to 15.9%). The monetary policy stance will pave the way for inflation to go down to

the Bank of Russia target. The monetary policy stance will help bring inflation back to 4% in 2024. More details are presented in Talking Trends,

monetary policy amid lower proinflationary risks (including slower inflation, a stronger ruble, and a decline in inflation expectations). 5 The OIS (ROISfix) curve – indicative rates

2020 2021 2022 Average core inflation indicators Overall inflation CPI Median (more than 500 components) Inflation target Inflation target Trend inflation Source: Rosstat, R&F

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