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INFLATION BY GROUP OF GOODS AND SERVICES Table 8 (PP) Fruit and Inflation over Non-core Food products Non-food goods Services Core inflation vegetables period, % inflation

Annual inflation declines for third consecutive month 16 July 2025 News Share VKontakte WhatsApp Telegram In June, annual inflation was down to 9.4%. Monthly

and was close to the target for inflation in annual terms. Businesses and households reported a decline in inflation expectations, with business costs decelerating. However,

inflation expectations (in Russia)? What does such diversity imply for the inflation dynamic (in Russia)? There is an extensive literature on studying heterogeneity of inflation

overestimate future inflation and are highly reactive to short-term inflation spikes—indicating that their expectations are weakly anchored. Firms also tend to overestimate inflation, though

2025 Expected inflation (one year) Expected inflation (one year), three-month average Expected inflation (five years) Observed inflation Observed inflation, three-month average Annual inflation Sources: InFOM,

Inflation expectations go down but remain elevated 25 June 2025 News Share VKontakte WhatsApp Telegram In June 2025, estimated inflation expected by households in a

INFLATION BY GROUP OF GOODS AND SERVICES Table 8 (PP) Fruit and Inflation over Non-core Food products Non-food goods Services Core inflation vegetables period, % inflation

Annual inflation also continued to decrease in May, but was still considerably above the target. The Bank of Russia is determined to bring inflation back

policy in turn impacts inflation expectations. Achieving the inflation target and maintaining inflation at a consistently low level help anchor inflation expectations and reduce their