Inflation expectations in Russia rose to 12.4% in July 2024 from 11.9% seen in June, increasing for the third month in a row and returning to the highest level since January 2024, according to the latest survey by the Central Bank of Russia (CBR). Notably, the inflation expectations exceed the CBR’s target range of 8%-10%. (chart) In addition, the analysts polled by the CBR believe that the inflation will not return to the target 4% before 2026. The consensus inflation forecast for end-2024 from the CBR analyst survey rose by 1 percentage point to 6.5% year on year. Both the population and the…