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the purchasing power of money as a result of sustainably low inflation. When inflation remains low, the volume of goods and services that may be

wording ‘close to 4%’ implies that inflation may slightly fluctuate around the target. More details on inflation If inflation significantly deviates from the target or

Annual inflation decreased in 65 out of 85 Russian regions. The Bank of Russia will continue to pursue its policy aimed at returning inflation to

double-digit price growth of 15% in annualised terms (speaking of current inflation). Before that, inflation had been accelerating fast as well. In response, we were

the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will decline to 4.5–5.5% in 2026 and stay close

inflation slowing down. 5 TALKING TRENDS No. 2 (85) / March 2026 Table 1. Inflation and its components Figure 1. Price growth corresponding to an inflation

future changes in inflation expectations as well as the probability of the materialisation of fiscal risks. • Breakeven inflation. In February, average breakeven inflation was close

pace in 2025. Monetary policy helped temper inflation, while enabling businesses to develop and manufacture necessary goods. Inflation decelerated as of the end of 2025,

is a consequence of lower inflation. Further decline in market rates will depend on a contraction in actual inflation and inflation expectations, that is, how

at its upcoming meetings depending on the sustainability of the inflation slowdown, the dynamics of inflation expectations, and the analysis of risks posed by external