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Russia Inflation Refrains from Declining Sharply
The headline inflation rate in Russia eased to 5.9% on February of 2025 from 6% in the previous month, ahead of market expectations of 5.7% to reflect consistent inflationary pressures for the Russian economy. The result was loosely aligned with signals by the Bank of Russia that inflation would remain elevated at the start of the year due to higher VAT and excise taxes, although the figures momentarily challenges the monetary authority's forecast that the headline rate would hold around the 4.5%-5.5% mark this year. Costs rose sharply for services (9.9%), offsetting softer inflation for foods (5.4%), and non-food products (3.2%). From the previous month, consumer prices rose 0.7%.
Published on 2026-03-13

Russia Inflation Rebounds in January
The annual inflation rate in Russia rose to 6% in January of 2026 from the over two-year low of 5.6% in the previous month. Despite undershooting expectations of a sharper increase to 6.4%, it was the first increase in the inflation rate since March of the previous year, amid the introduction of VAT increases by the Russian government and softening capacity for major goods producers. Inflation was elevated for services (9.6%). In turn, inflation was relatively lower for food (5.9%), as the Bank of Russia noted that VAT were not fully passed on to consumers. From the previous month, consumer prices rose by 1.6%.
Published on 2026-02-13

Russia Inflation Rate Lowest since 2023
The annual inflation rate in Russia fell to 6.6% in November 2025 from 7.7% in the previous month, the lowest since September 2023 and below market expectations of 6.7%. Prices slowed for food (7.5% vs 9.3%), non-food goods (3.5% vs 3.8%), and services (9.4% vs 10.4%). The central bank forecasts inflation this year to range between 6.5% and 7%, following 9.52% last year. President Vladimir Putin said inflation would be around or below 6% by the end of the year. On a monthly basis, consumer prices rose by 0.4%, after a 0.5% increase in October.
Published on 2025-12-10

Russia Inflation Rate Eases to 17-Month Low
The annual inflation rate in Russia fell for a sixth straight month to 8% in September 2025 from 8% in the previous month, the softest rate since April of 2024. The development was in line with the Bank of Russia's forecast that inflationary pressures were unlikely to remain at the elevated level from the first half of the year, but price growth still held well above the central bank's 4% target. Prices rose at a softer pace for food items (9.5% vs 9.8% in August), while inflation was steady for non-food goods (at 3.9%) and services (at 11.1%). In the meantime, core inflation eased to 7.7% from 8%. From the previous month, consumer prices increased by 0.3%, after a 0.4% fall in August.
Published on 2025-10-10

Russian Inflation Drops to 16-Month Low
The annual inflation rate in Russia fell for a fifth straight month to 8.1% from 8.8% in the previous month, the softest rate since April of 2024. The development was in line with the Bank of Russia's forecast that inflationary pressures were unlikely to remain at the elevated level from the first half of the year, but price growth still held well above the central bank's 4% target. Inflation slowed for services (11.1% vs 11.9% in July), food items (9.8% vs 10.8%), and non-food goods (3.9% vs 4.1%), In the meantime, core inflation eased to 8.0% from 8.5%. From the previous month, consumer prices fell by 0.4%, the first monthly drop in three years.
Published on 2025-09-10

Russia Inflation Softens for 4th Month
The annual inflation rate in Russia eased for a fourth straight month to 8.8% in July of 2025, the softest since October of last year, from 9.4% in June. The development was in line with the Bank of Russia's forecast that inflationary pressures were unlikely to remain at the elevated level from the first half of the year, but price growth still held well above the central bank's 4% target. Price growth remained the highest for services (11.9%), seen as the stickiest portion of the Russian consumer basket. In turn, inflation was also elevated for food (10.8%), while being softer for non-food goods (4.1%). Core inflation was at 8.5%). From the previous month, consumer prices were 0.6% higher.
Published on 2025-08-13

Russia Inflation Rate Eases to 7-Month Low
The annual inflation rate in Russia moderated for a third straight month to 9.4% in June 2025, the softest in seven months, from 9.9% in May. Still, it remains well above the central bank's 4% target. Prices increased at a slower pace for food (11.9% vs 12.5% in May), mainly fruits and vegetables (15.3% vs 19.8%); services (12.0% vs 12.6%) and non-food products (4.5% vs 4.8%). On a monthly basis, consumer prices rose by 0.2% in June, slowing from the 0.4% increase seen in May.
Published on 2025-07-11

Russia Inflation Rate Slows for 2nd Month
The annual inflation rate in Russia moderated for the second month to 9.9% in May 2025, the softest in four months, from 10.2% in April. Still, it remains well above the central bank's 4% target. Prices increased at a slower pace for food (12.5% vs 12.7% in April), mainly fruits and vegetables (19.8% vs 21.2%); services (12.6% vs 12.8%) and non-food products (4.8% vs 5.4%). Meanwhile, the core inflation rate eased to 8.9% in May from 9.2% in the prior month. On a monthly basis, consumer prices rose by 0.4% in May, matching the pace seen in April.
Published on 2025-06-11

Russia Inflation Rate Slows for 2nd Month
The annual inflation rate in Russia moderated for the second month to 9.9% in May 2025, the softest in four months, from 10.2% in April. Still, it remains well above the central bank's 4% target. Prices increased at a slower pace for food (12.5% vs 12.7% in April), mainly fruits and vegetables (19.8% vs 21.2%); services (12.6% vs 12.8%) and non-food products (4.8% vs 5.4%). Meanwhile, the core inflation rate eased to a five-month low of 8.9% in May from 9.2% in the prior month. On a monthly basis, consumer prices rose by 0.4% in May, matching the pace seen in April.
Published on 2025-06-11

Russia Inflation Rate Slows for 2nd Month
The annual inflation rate in Russia moderated for the second month to 9.9% in May 2025, the softest in four months, from 10.2% in April. Prices increased at a slower pace for food (12.5% vs 12.7% in April), mainly fruits and vegetables (19.8% vs 21.2%); services (12.6% vs 12.8%) and non-food products (4.8% vs 5.4%). On a monthly basis, consumer prices rose by 0.4% in May, matching the pace seen in April.
Published on 2025-06-11

Russia Inflation Rate Slows for 2nd Month
The annual inflation rate in Russia moderated for the second month to 9.9% in May 2025, the softest in four months, from 10.2% in April. Still, it remains well above the central bank's 4% target. Prices increased at a slower pace for food (12.5% vs 12.7% in April), mainly fruits and vegetables (19.8% vs 21.2%); services (12.6% vs 12.8%) and non-food products (4.8% vs 5.4%). On a monthly basis, consumer prices rose by 0.4% in May, matching the pace seen in April.
Published on 2025-06-11

Russian Inflation Eases from 2-Year High
The annual inflation rate in Russia eased to 10.2% in April of 2025 from the two-year high of 10.3% touched in the earlier month, halting five consecutive increases. The result was aligned with the Bank of Russia's signal that inflation was due to remain high, albeit upside risks were waning amid their prolonged period of high interest rates. Inflation was the sharpest for services (12.9%) and food products (12.7%). In turn, inflation was elevated but below the consumer basket average for goods excluding food (9.3%). From the previous month, Russian consumer prices were 0.4% higher.
Published on 2025-05-16

Russia Inflation Rises to 2-Year High
The annual inflation rate in Russia rose to 10.3% in March of 2025, the fifth consecutive increase to the highest level since base effects from Russia’s invasion of Ukraine kicked in in February 2023. The result was aligned with the Bank of Russia's warning that inflation could continue to increase, although the monetary authority sees pro-inflationary risks softening. Inflation was the sharpest for services (12.9%) and food products (12.4%), lifted by fruits and vegetables (18.9%). In the meantime, inflation for non-food products was relatively lower 6%. From the previous month, Russian consumer prices rose by 0.7%.
Published on 2025-04-11

Russia Inflation Rate Reaches 2-Year High
The annual inflation rate in Russia quickened for the fourth month to 10.1% in February 2025, from 9.9% in January, as anticipated, and remained well above the central bank's 4% target. It was the steepest inflation rate since February 2023, driven by prices of food (11.7% vs. 11.1% in January), notably butter (34.8%), frozen fish (22.2%) and fruit and vegetables (16%). Additional upward pressure came from prices of services (12.7% vs. 13%) and non-food products (6.1% vs 6.1%). On a monthly basis, consumer prices rose by 0.8%, marking the smallest increase in four months.
Published on 2025-03-12

Russian Inflation Rises to 2-Year High
The annual inflation rate in Russia rose to 9.9% in January of 2025 from 9.5% in the previous month, the highest since base effects from Russia’s invasion of Ukraine kicked in in February 2023. The result was in line with the Bank of Russia’s warning that inflation would approach the 10% threshold at the turn of the year amid a weaker ruble, a labor force crisis forced by military mobilization, and soaring levels of deficit spending that drove OFZ yields to surge. From the previous month, Russian consumer prices rose by 1.2%.
Published on 2025-02-14

Russia Inflation Rises To Near 3-Year High
The annual inflation rate in Russia rose sharply to 9.5% in December of 2024 from 8.9% in the previous month, the highest since base effects from Russia’s invasion of Ukraine kicked in in February 2023. The result was aligned with the Bank of Russia’s warning that inflation would rise sharply this year due to a weak ruble, a labor force crisis forced by the military mobilization, and soaring levels of deficit spending that drove OFZ yields to surge. Inflation was elevated for food products (11.1%) amid higher prices of vegetables (22.1%), and services (11.5%). In turn, inflation was lower for non-food products (6.1%). In the meantime, low refining capacity in the country continued to lift prices for motor gasoline (11.1%).
Published on 2025-01-15

Russian Inflation Higher than Expected at 8.9%
The annual inflation rate in Russia rose to 8.9% in November 2024, up from a five-month low of 8.5% in the prior month and surpassing market forecasts of 8.7%. Higher prices were recorded for services (+11.4% vs. +11.3% in October) and food (+9.9% vs. +9%), notably butter (+34.1% vs +29.7%) and fruit and vegetables (+18.7% vs +13.5%). Meanwhile, non-food product price growth remained steady at 5.7%. On a monthly basis, consumer prices rose by 1.4% in November, the most since April 2022, slightly above market estimates of 1.3%.
Published on 2024-12-11

Russian Inflation Unexpectedly Slows to 8.5% in October
The annual inflation rate in Russia fell for the second month to 8.5% in October 2024, the lowest since May, down slightly from 8.6% in September. Analysts had expected it to remain steady at 8.6%. Still, inflation stands well above the CBR’s target of 4%. Price growth slowed marginally for food (9% vs 9.2% in September), of which fruit and vegetables (13.5% vs 14%) and non-food products (5.7% vs 6.6%), while service prices accelerated (11.3% vs 9.5%). On a monthly basis, consumer prices rose by 0.8% in October, up from 0.5% in the prior month but slightly below market estimates of a 0.9% increase.
Published on 2024-11-13

Russian Inflation Slows Less than Expected
The annual inflation rate in Russia eased to 8.6% in September of 2024 from the eighteen-month high of 9.1% in the previous month, the first slowdown since December 2023, but slightly ahead of market expectations of 8.5%. The rate remained well above the CBR’s target of 4%, backing policymakers’ hawkish guidances from recent meetings. Price growth remained elevated for services (11.6%) and food goods (9.1%), while remaining slightly softer for non-food goods (5.6%). Meanwhile, the core inflation rate stood at 8.3%. From the previous month, Russian consumer prices advanced by 0.5%.
Published on 2024-10-11

Russia Inflation Rate Steady at 9.1%, Tops Forecasts
The annual inflation rate in Russia stood at 9.1% in August 2024, the steepest since February 2023, unchanged from July, but slightly above forecasts of 9%. Prices continued to quicken for services (11.7% vs 11.4% in July) and remained elevated for food products (9.7%, the same as in July). Meanwhile, prices slowed for non-food products (6.1% vs 6.7%). On a monthly basis, consumer prices rose by 0.2% in August, decelerating from a 1.1% increase in the prior month and matching market estimates.
Published on 2024-09-11