In May 2024, households' inflation expectations for the coming year increased to 11.7% from 11.0% in April, according to a survey by InFOM. This rise was attributed to growing expectations among respondents without savings, while those with savings maintained their inflation expectations at a consistent level for the third consecutive month.
Long-term inflation expectations over the next five years also saw an increase, reaching 10.4%. Meanwhile, the consumer sentiment index remained relatively stable, staying near its historical peak. Business price expectations generally held steady at a high level.
Further information can be found in the latest issue of the Bank of Russia's commentary on Inflation Expectations and Consumer Sentiment.