Template-Type: ReDIF-Article 1.0
Author-Name: Evgeniy Goryunov
Author-Name-First: Evgeniy
Author-Name-Last: Goryunov
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Pavel Trunin
Author-Name-First: Pavel
Author-Name-Last: Trunin
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Maria Chembulatova
Author-Name-First: Maria
Author-Name-Last: Chembulatova
Author-Workplace-Name: Gaidar Institute for Economic Policy
Title: Inflation and monetary policy in October 2025
Abstract: At its meeting on October 24, 2025, the Bank of Russia lowered the key rate by 50 basis points to 16.5% per annum. In October, annual inflation over the past 12 months was 7.7% y/y, which is the lowest figure since March 2024. Compared to the previous month, the overall level of consumer prices increased by 0.5%. Pro-inflationary risks continue to prevail over disinflationary ones. Among the main pro-inflationary factors are: growth in lending, inflationary expectations and the budget deficit, continued tension in the labor market, lower oil prices, indexation of tariffs for housing and communal services, and VAT.
Classification-JEL: E44, E5, E51, E52, E58
Keywords: Russian economy, inflation, monetary policy, fiscal policy, Bank of Russia, key rate, budget deficit, labor market, oil prices, VAT
Year: 2025
Issue: 27
Month: November
Pages: 5
File-URL: https://www.iep.ru/files/RePEc/gai/mreoen/mreoen-2025-27-1470.pdf
File-Format: application/pdf
File-Function: Revised Version, 2025
Handle: RePEc:gai:mreoen:mreoen-2025-27-1470