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without its difficulties. First, the year was marked with a rise in inflation and borrower competition for bank loans. Both banks and borrowers had to

the economic situation and inflation, monetary and external conditions, and alternatives to the key rate decision. The discussants noted that although inflation was high, an

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

while staying high. Annual inflation is still considerably above 4%. Underlying inflationary pressures remain high. Tight monetary policy will help decelerate inflation and bring it

10 5 inflation Inflation % YoY Dec24 9.5 9.9 9.3 9.6 9.6 9.0 9.5 8.5 Core inflation % YoY

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

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 the speed and sustainability of the inflation slowdown. The baseline scenario provides that returning inflation to the target will require a longer period

2025 2026 2027 (actual / estimate) Inflation, as % in December year-on-year 9.5 7.0-8.0 4.0 4.0 Inflation, average for the year, as

we return to single-digit inflation? ELVIRA NABIULLINA: Indeed, inflation is currently unacceptably high. Regarding our inflation forecasts, we have raised our inflation forecast for this