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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
82
24.12.2025
Inflation expectations increase
24 December 2025
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According to InFOM’s survey, the estimate of inflation expected by households in one
pp), respectively. Trend inflation slowed less notably, i.e.
to 8.25% (by 0.23 pp).
INFLATION, CORE INFLATION, AND TREND INFLATION
(% CHANGE YOY)..............................................................................................................................................................................................................................................................................................................................................................................................Chart
84
12.12.2025
return inflation to the target of close to 4%.
More details are available in the new issue of the information and analytical commentary Inflation in
85
09.12.2025
is narrowing, which is set to exert further downward pressure on inflation.
To bring inflation back to target, monetary conditions need to stay tight for
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,
87
02.12.2025
stylized facts about inflation expectations, we compare all the combinations of question about them. We find that implied perceived inflation and inflation expectations are higher
88
27.11.2025
Inflation expectations increase in November
27 November 2025
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According to InFOM’s survey, the estimate of inflation expected by households
in inflation and the dynamics of
% Inflation inflation expectations.
target
• According to the Bank of Russia’s forecast,
given the monetary policy stance, annual
inflation
90
21.11.2025
Annual inflation slows in most Russian regions
21 November 2025
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In October, annual inflation decreased in 65 out of 85