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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
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11.12.2025
rates in the money and bond markets were mainly declining in November. Inflation expectations of households and businesses rose, while those of the market decreased.
8.2025).
Scharnagl, M. and Stapf, J. (2015). Inflation, deflation, and uncertainty: What drives euro-area
option-implied inflation expectations, and are they still anchored in the
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27.11.2025
of enterprises maintain sufficient safety margin. A decrease in interest rates following inflation slowdown will help reduce companies’ interest burden. As for unsecured consumer lending
in turn impacts inflation expectations.
Achieving the inflation target and maintaining inflation at a steadily low level help anchor inflation
expectations. When inflation expectations are
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27.11.2025
public quantitative inflation target
• The target is annual inflation of close to 4%. The target is effective on a permanent basis.
• The inflation rate is
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
indicators.
• Breakeven inflation. In October, breakeven inflation rose over the medium-term horizon, fuelled
by concerns about the materialisation of inflation risks. Breakeven inflation derived from
8
The inflation item shows core inflation (Core PCE) for the US, core inflation (Core HICP) for the euro area, and core inflation (Core CPI
high inflation in the past, rather than assessments of
future inflation dynamics. The discussants concurred that persistently high
inflation expectations hindered the return of inflation