The Bank of Russia held its key rate steady at 14% on October 23, aligning with unanimous analyst forecasts and driving the market's 100% consensus on no change. Persistent price pressures, with annual inflation near 6.3–7% and core measures in the 5–6% range, stem from capacity constraints and recent utility tariff hikes, alongside elevated inflation expectations. Ukrainian strikes on energy infrastructure added upward pressure, prompting policymakers to extend the pause after prior easing and maintain restrictive conditions to guide inflation toward the 4% target. The next meeting is scheduled for December, with the central bank's baseline projecting an average rate of 12.5–13.5% in 2027. Only abrupt improvements in inflation data or major geopolitical shifts could realistically alter this outcome before resolution.