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will depend on the speed and sustainability of the decline in inflation and inflation expectations. The discussants concurred that the Russian economy was generally developing

a stronger ruble. The monthly inflation rate (seasonally adjusted annualised rate, SAAR) was considerably above 4%, as before. Household inflation expectations in March and companies

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

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

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

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,