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a Monetary Policy Instrument.......................................................... 13 Inflation Target Format........................................................................................................ 16 Inflation target level.....................................................................................................................................................................16 Inflation target type....................................................................................................................................................................19 Indicator employed for inflation targeting.......................................................................................................................20 Description of

of monetary policy implementation, evaluate the outcomes achieved during the period of inflation targeting, and determine how well these outcomes align with the primary statutory

expected to send year-end inflation slightly above the 4% target. It is essential to stress that the slower pace of inflation is no happy accident.

the inflation targeting regime, keeping the monetary policy objective unchanged, i.e. to maintain annual inflation close to 4%.2 Low and stable inflation makes

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

wording ‘close to 4%’ implies that inflation may slightly fluctuate around the target. More details on inflation If inflation significantly deviates from the target or

Annual inflation decreased in 65 out of 85 Russian regions. The Bank of Russia will continue to pursue its policy aimed at returning inflation to

double-digit price growth of 15% in annualised terms (speaking of current inflation). Before that, inflation had been accelerating fast as well. In response, we were

the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will decline to 4.5–5.5% in 2026 and stay close

inflation slowing down. 5 TALKING TRENDS No. 2 (85) / March 2026 Table 1. Inflation and its components Figure 1. Price growth corresponding to an inflation