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21
21.10.2026
low inflation.
Key rate
Since 27.07.2026
14.00%
Inflation
September 2026
6.4%
Inflation target
4.0%
The Bank of Russia maintains inflation
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Competition for Undergraduate&Graduate Students and PhD Fellows-2019
1 March 2019
Conference
Inflation: New Insights for Central Banks
6 July 2018
Workshop
Macroeconomic Models for
achieving
net of the provisions made for them. Accrued interest receivable/ the inflation target. The key rate is set by the Bank of Russia
payable
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14.10.2026
target.
To deliver a steady slowdown in consumer price growth and return inflation to 4% in 2027, carefully calibrated decisions are needed as regards the
25
14.10.2026
the Bank of Russia
CPI seasonal adjustment specifications (2026)
Trend inflation estimates and modified core inflation
Seasonally adjusted dynamics of consumer price growth
Dynamics of
and inflation to slow to 4% in 2027, carefully calibrated decisions on the further
path of the key rate will be required.
o Annual inflation
the key rate at which monetary
Nominal neutral key
policy keeps inflation and inflation expectations
rate
on target over the long term and also keeps
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14.10.2026
see the shaded areas in the charts) have narrowed for most indicators.
• Inflation: Analysts have raised their forecast for 2026–2028 to 7.1% (+0.
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hold near 4% thereafter
2
Inflation expectations remain elevated
Household’s inflation expectations, observed inflation and inflation, YoY
Households’ inflation expectations fell to 9.1
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upcoming meetings
1
Inflation
is close to 4%
Inflation and BoR key rate, YoY
In September, annual inflation stood at 3.7%. Inflation processes are