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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

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

2021 2022 Expected inflation 20 Observed inflation 10 Annual inflation 0 2016 2017 2018 2019 2020 2021 2022 Lower bound of inflation for 10% of

dynamics as well as the noticeable decline in inflation expectations of households and businesses. In April annual inflation reached 17.8%, however, based on the

sustainable inflation deceleration towards the target as part of inflation targeting policy, which has already proved effective in the Russian environment. 1.1. Annual inflation