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in the economy to ensure a sustainable return of inflation to 4%. More details on inflation in each Russian region are available in the information

higher market rates constrain demand and inflation, while lower ones stimulate them. In addition to monetary policy and demand, inflation and financial market trends are

October–November, current growth rates of most underlying inflation measures remained slightly above 4%. In addition, inflation will temporarily accelerate in early 2026 due to

the inflation slowdown and the dynamics of inflation expectations. According to the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will

business inflation expectations (balance of responses, % SA) 30 25 20 15 10 5 0 2021 2022 2023 2024 2025 Household observed inflation Household inflation expectations

the inflation slowdown and the dynamics of inflation expectations. According to the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will

given the situation for achieving Foreign currency-denominated assets and precious metals the inflation target. The key rate is set by the Bank of Russia mainly

the purchasing power of money as a result of sustainably low inflation. When inflation remains low, the volume of goods and services that may be

the Bank of Russia CPI seasonal adjustment specifications (2025) Trend inflation estimates and modified core inflation Seasonally adjusted dynamics of consumer price growth Dynamics of

rates in the money and bond markets were mainly declining in November. Inflation expectations of households and businesses rose, while those of the market decreased.