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monetary policy so as to achieve sustainably low inflation in all Russian regions. More details on inflation in each Russian region are available in information

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

Nevertheless, the rise in measures of underlying inflation was notably more moderate than the acceleration of headline inflation. Specifically, the increase in non-food prices (except

quarter, the capacity utilisation rate remained higher than in 2017–2019 when inflation was low. Businesses’ price expectations rose in July after a five-month decline.

fuel prices may negatively affect inflation expectations and inflation. Also, high uncertainty remains about future external economic conditions. For inflation to decelerate to 4% and

see the shaded areas in the charts) have narrowed for most indicators. • Inflation: Analysts have raised their forecast for 2026–2027 to 6.2% (+0.

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

value through inflation.’ These beliefs generate additional inflation expectations among agents. Agents make decisions based on their subjective inflation forecasts, which exceed the inflation objectively

approaches commonly used in the study of non-linear inflation responses, this paper describes the non-linearity of inflation in terms of the institutional constraints of individual

their inflation expectations. Therefore, higher fuel prices might have second-round effects through both increasing costs and growing inflation expectations, thus influencing measures of underlying inflation.