Most statistical data and surveys indicate a slowdown in economic growth, influenced by both demand and supply factors. A gradual decline is observed in lending; employers' demand for new jobs is decreasing, and households are showing an increased tendency to save.
Despite some cooling in August, consumer demand remains high, sustaining inflationary pressure. Seasonally adjusted monthly price growth continues to be significant.
To guide the economy towards a sustainable disinflationary path and return inflation to target levels, tight monetary conditions will need to be maintained over an extended period.
Further details are available in Talking Trends, a Bank of Russia bulletin.