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is inflation which, unlike consumer inflation, depends more on domestic business activity. However, under an inflation targeting regime, Central Banks choose consumer price inflation as

inflation is shown to be much more closely related to business activity than the general price level inflation. The dynamics of cyclical and acyclical inflation

regions. Inflation remains high, since the economy’s capacity to ramp up supply of goods and services is still lagging behind demand. To reduce inflation

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

2025, annual inflation was 10.3%. Inflation expectations of households, businesses, and financial market participants have not changed significantly since March. In general, inflation expectations

as to avoid a situation where inflation would become a heavy burden on households and push up companies’ costs. Inflation had been high for the

2025, annual inflation was 10.3%. Inflation expectations of households, businesses, and financial market participants have not changed significantly since March. In general, inflation expectations

2024 2025 2026 2027 (actual) Inflation, as % in December year-on-year 9.5 7.0–8.0 4.0 4.0 Inflation, average for the year,

inflation expectations have barely changed since our meeting in March, while a further decrease in inflation expectations is critical to ensure sustainable disinflation. Our inflation

annual inflation indicator will start declining in May due to both further gradual slowdown of the ongoing price growth and the departure from annual inflation