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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

inflation at a sustainably low level, including both the actual inflation rate and inflation perceived by households and businesses, which is what we call inflation

2026 2027 2028 (actual) Inflation, as % in December year-on-year 9.5 6.0–7.0 4.0 4.0 4.0 Inflation, average for the

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

PMI surveys). Business and household inflation expectations slid from their high levels, staying, however, elevated from the perspective of inflation stabilisation close to 4%. The

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

In May, nominal interest rates went down but the renewed decrease in inflation expectations helped maintain the achieved tightness of monetary conditions. Furthermore, in June,

stance on the key rate’s future path amid the signs of inflation slowdown boosted the Russian financial market. Yields on federal government bonds and

might increase manufacturing costs, thus also amplifying inflation risks. A number of the major economies revised upwards inflation expectations in early 2025. In particular, according

measures of inflation expectations comprehensively. Taking into account all the indicators, inflation expectations rather decreased, albeit remaining elevated. For a sustainable return of inflation to