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1
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
3
22.12.2025
Inflation in Russia
Inflation in Russia
Until September 2025, the material was titled Consumer Price Dynamics
2025 2024 2023 2022 2021 2020 2019 2018
No.
4
19.12.2025
influences inflation
The key rate and communication are the primary monetary policy tools. The Bank of Russia uses the key rate to affect inflation. This
5
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
7
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,
9
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
10
02.12.2025
Inflation Expectations and Consumer Sentiment
Inflation Expectations and Consumer Sentiment
November 2025 October 2025 September 2025 August 2025 July 2025 June 2025 May 2025 April