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%.

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.