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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

business inflation expectations (balance of responses, % SA) 30 25 20 15 10 5 0 2021 2022 2023 2024 2025 Household observed inflation Household inflation expectations

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

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

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

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

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

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