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supply of goods and services. For inflation to begin decreasing again, monetary policy needs to be tightened further. Returning inflation to the target requires considerably

supply of goods and services. For inflation to begin decreasing again, monetary policy needs to be tightened further. Returning inflation to the target requires considerably

2025 2026 2027 (actual) Inflation, as % in December year-on-year 7.4 6.5-7.0 4.0-4.5 4.0 4.0 Inflation, average for the

early July. In addition, inflation expectations and the measures of underlying inflation, namely price growth medians, trend inflation and modified core inflation indices, rose as

into consideration when making decisions on monetary policy to analyse and forecast inflation and identify key trends in the economic development across Russia in general

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

the way new money is injected into the economy. Keywords: money supply, inflation, Cantillion effects, networks, input-output tables. JEL classification: C63, C67, D57, E31, E51.

highs, rising close to 8%, although households’ and businesses’ inflation expectations were up as well. Inflation expectations were fuelled by persistently high price growth rates

Telegram In June, the current inflation rate (seasonally adjusted) edged down, while staying higher than in 2024 Q1. Annual inflation sped up to 8.6

these conditions, interest rates in the economy soared, reflecting higher inflation risks. To bring inflation down to the target and return the economy to a