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inflation expectations and their anchoring to the inflation target. Inflation expectations impact both inflation trends and interest rates in the economy. The anchoring of inflation

of Russia calculations. GLOBAL INFLATION STAYS CLOSE TO HISTORIC HIGHS Inflation remains elevated in both advanced economies and EMEs, with inflation persistently picking up in

situation for achieving Credits and deposits include credits, deposits, and repo the inflation target. The key rate is set by the Bank of Russia funds

TALKING TRENDS No. 6 (58) / October 2022 4 1. Inflation While a downward trend of annual inflation continued, its weekly and monthly change showed a

resistance, we believe. One is inflation targeting and a floating exchange rate. We were able to check the uptick in inflation early in the year,

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