Russian Inflation Drops to 16-Month Low

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.

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.

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.