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621
03.04.2026
up to Р600,000 per year in DFAs with yields tied to inflation, the key rate, prices for precious metals and shares. However, the issuers
622
01.04.2026
inflation will decline to 4.5–5.5% in 2026. Underlying inflation will be close to 4% in 2026 H2. From 2027 onwards, annual inflation
FD MB MB MB
MBs’ percentage in inflation % 2026 100 33 11 12 15 14 11 5
Inflation % YoY Jan26 6.0 5.5 6.
11 5
inflation
Inflation % YoY Dec25 5.6 4.7 5.8 6.4 5.7 5.9 6.0 6.8
Core inflation % YoY
both inflation
and any implicit neutral rate.
Given high inflation despite weak growth, the Fed is likely to prioritize
inflation control. To bring inflation down
into consideration when making decisions on
monetary policy to analyse and forecast inflation and identify key trends in the economic
development across Russia in general
To bring inflation back to the target,
the Bank of Russia tightened its monetary policy. The measures taken
helped the regulator considerably reduce inflation by
628
27.03.2026
the possibility of lowering the inflation target in the future. The Bank of Russia will consider this move once inflation slows down and stabilises close
629
27.03.2026
To bring inflation back to the target, the Bank of Russia tightened its monetary policy. The measures taken helped the regulator considerably reduce inflation by
630
27.03.2026
Research and Analytical Notes
Monetary Policy Review - 2023
Work stream 1. Inflation target format
Title Authors Publication Type Publication date
Inflation Target Format
Meshcheryakov, A.