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SITUATION AND INFLATION ........................................................................................................................................................................................................................................................... 2 MONETARY CONDITIONS ................................................................................................................................................................................................................................................................................................................................................................................ 4 EXTERNAL ENVIRONMENT ................................................................................................................................................................................................................................................................................................................................................................. 6 INFLATION RISKS ............................................................................................................................................................................................................................................................................................................................................................................................................................................... 8 CONCLUSIONS FOR MONETARY POLICY AND THE KEY RATE DECISION ....................................................................................................................................................................................................................................................................................................................................... 9 Summary of

be close to the lower bound of the October forecast range of 8–13% by the end of 2025. The discussants agreed that it would