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points of the discussion. CONTENTS ECONOMIC SITUATION AND INFLATION ............................................................................................................................................................................................................................................................ 2 MONETARY CONDITIONS ................................................................................................................................................................................................................................................................................................................................................................................... 5 EXTERNAL ENVIRONMENT ....................................................................................................................................................................................................................................................................................................................................................................7 INFLATION RISKS ................................................................................................................................................................................................................................................................................................................................................................................................................................................ 8 CONCLUSIONS FOR MONETARY POLICY AND THE

2027 2028 2029 (actual) Inflation, % in December YoY 5.6 6.0–7.0 4.0 4.0 4.0 Inflation, yearly average, % YoY 8.

period. It is one of the most important indicators that describes the inflation processes in economy. Economically active population – persons at the age of 15

prices and their impact on inflation expectations. Most participants believed that underlying inflation would not rise considerably, while predicting that inflation would be higher this

FD MB MB MB MBs' percentage in inflation % 2026 100 33 11 12 15 14 11 5 Inflation % YoY Jun26 6.0 5.7 5.

July June April March February December More +Hide - Inflation in Russia Economy: Facts, Assessments and Comments Inflation Expectations and Consumer Sentiment Monetary Conditions and Monetary

Department calculations. Underlying inflation was up in June, albeit growing less than headline inflation (Figure 7). The average of modified core inflation measures was 5.