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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.

situation and inflation, monetary and external conditions, and alternatives to the key rate decision. The key topics included the estimate of underlying inflation, drivers of

into consideration when making its monetary policy decisions to analyse and forecast inflation and identify key trends in the economic development in Russia as a

FD MB MB MB MBs' percentage in inflation % 2026 100 33 11 12 15 14 11 5 Inflation % YoY Apr26 5.6 5.4 5.

in the Middle East might adversely affect the Russian economy. Firstly, global inflation developments might have proinflationary pressure on Russia through higher prices for imports

went up by 27 bp. • Breakeven inflation. In May, breakeven inflation decreased on average vs April. Specifically, breakeven inflation derived from inflation-indexed federal government bonds

Annual inflation slowed down in most regions in May. The Bank of Russia will continue to pursue tight monetary policy aimed at bringing inflation down

policy to achieve sustainably low inflation. More details are available in the new issue of the information and analytical commentary Inflation in Russia. Preview photo:

by the volatile components of inflation. The core inflation measure declined, albeit less markedly than headline inflation. The balance of inflation risks is still skewed

at its upcoming meetings depending on the sustainability of the inflation slowdown, the dynamics of inflation expectations, and the analysis of risks posed by external