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651
05.03.2026
at a more balanced rate, which has led to a decline in inflation that we see now, while also preserving all the financial resources required
652
26.02.2026
situation and inflation, monetary and external conditions, and alternatives to the key rate decision.
The deliberations focused on the assessment of underlying inflation. According to
higher market rates constrain demand and inflation, while lower
ones stimulate them. In addition to monetary policy and demand, inflation and financial market
trends are
into consideration when making decisions
on monetary policy to analyse and forecast inflation, identify the key trends in economic
development across Russia in general and
655
20.02.2026
services were up owing to their one-time adjustment for inflation.
According to the Bank of Russia, inflation will go down after the effect of these
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
657
16.02.2026
for medium- and long-term maturities rose in January. However, given rising market inflation expectations, real rates remained virtually unchanged.
In December 2025, corporate loan rates
Inflation and inflation expectations 1.2. Inflation and inflation expectations
Inflation and monetary policy in the context of persistent shocks
The labour market and inflation
anchored inflation expectations are
across various groups of domestic economic agents. It is easier for the central
bank to keep inflation to target when inflation
660
16.02.2026
explore the conditions enabling a reduction in the inflation target and the impact of marketplaces on inflation.
Furthermore, the Bank of Russia is interested in