Year-end economic activity was slightly up but overall remained level with Q3 based on Q4 results.

Core inflation is still low but signs are emerging of its gradual acceleration. The balance of risks for inflation in 2023 is tilted to the upside. The monetary policy stance will help slow down inflation to 5-7% in 2023 and will help return it to 4% in 2024.

More details are presented in Talking Trends, a Bank of Russia bulletin.