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of inflation to the target in 2025. • The situation with inflation expectations continues to deteriorate (except for lower breakeven inflation for OFZ-IN). More adaptive inflation

key rate that will ensure the return of inflation to the target. Our aim is to decelerate inflation to 4% by the end of next

covers the main aspects of the discussion about the economic situation and inflation, monetary and external conditions, and alternatives to the key rate decision. 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

10 5 inflation Inflation % YoY July24 9.1 9.5 8.4 8.8 9.3 8.4 9.9 9.3 Core inflation % YoY

problem is increasing financial literacy. For example, household inflation expectations that are systematically elevated and overreact to inflation shocks (unanchored) means that people regularly underestimate

of households 6 APPENDIX 2 Dependent variables I: Optimistic and Confident (OC) – inflation expectations inf_expectations1= response К74. Difficult to answer and refusal = NA inf

literacy improves, the perception of macroeconomic trends, such as estimates of past inflation, ruble exchange rate movements and deposit rates, becomes more accurate. The relationship

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

July, when inflation was noticeably pushed up by the indexation of utility rates. However, numerous measures of underlying inflation rose month-on-month. Annual inflation remained almost