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loans December 2023 7 The obtained estimates assume unchanged inflation expectations. A rise in households’ inflation expectations makes it more likely that households will request

annual inflation stood at 7.3%1 as of 29 January. Table 1. Inflation and its components Figure 1. Price rises corresponding to an inflation

the loan request probability in relation to the interest rate with given inflation expectations. It takes a significant change in interest rates for the interest

to solidify disinflation processes unfolding in the national economy. The return of inflation to target in 2024 and its further stabilisation close to 4% assume

to solidify disinflation processes unfolding in the national economy. The return of inflation to target in 2024 and its further stabilisation close to 4% assume

2024 2025 2026 (actual / estimate) Inflation, as % in December year-on-year 7.4 4.0-4.5 4.0 4.0 Inflation, average for the year, as

economy passed the peak of current inflation, that is, seasonally adjusted monthly inflation, in autumn 2023. As regards annual inflation, which is price growth over

higher market rates constrain demand and inflation, while lower ones stimulate them. In addition to monetary policy and demand, inflation and financial market trends are

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

OFZ yields continued in January, indicating a tightening of monetary conditions. Higher inflation expectations of households and businesses in January compared to November slightly limited