On October 25, 2024, the Bank of Russia raised its key rate from 19% to 21%.

The regulator updated the medium-term forecast. The baseline scenario takes into account updated budget projections and decisions on indexation of regulated prices and tariffs. Taking this into account, as well as higher current inflationary pressures and rising inflation expectations, the Bank of Russia raised the inflation forecast for 2024-2025. The return of inflation to target and its stabilization near 4% will require a significantly higher medium-term trajectory of the key rate than forecasted in July. The possibility of a key rate hike at the next meeting scheduled for December 20, 2024 is allowed for.