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growth is mainly due to changes in demand for Russian exports. For inflation to steadily decline to 4% and stabilise at this level, tight monetary

in March. Annual inflation in Russia was down to 10.2% and already demonstrated a downward trend in 48 regions. However, inflation remained substantially above

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

bring inflation back to 4% in 2026. Further key rate decisions will depend on the pace and sustainability of the decrease in inflation and inflation

points of the discussion. CONTENTS ECONOMIC SITUATION AND INFLATION ........................................................................................................................................................................................................................................................... 2 MONETARY CONDITIONS .................................................................................................................................................................................................................................................................................................................................................................................. 5 EXTERNAL ENVIRONMENT .................................................................................................................................................................................................................................................................................................................................................................... 7 INFLATION RISKS 9 ................................................................................................................................................................................................................................................................................................................................................................................................................................................ CONCLUSIONS FOR MONETARY POLICY AND THE

s assessment for 2024. Core inflation (Core PCE) in the US. Core inflation (Core HICP) in the euro area. Core inflation (Core CPI) in China.

rate. Households’ and businesses’ inflation expectations generally remained high and hampered disinflation. In April, companies’ price expectations decreased somewhat. Breakeven inflation for inflation-indexed federal government

in the domestic market rises. Aiming to tame inflation and stabilise the economy, the central bank’s inflation targeting regime responds by raising the nominal

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

as of the end of the month. Despite the signs of an inflation slowdown, prices for federal government bonds (OFZ) slightly decreased in April, with