Russia Inflation Refrains from Declining Sharply

2026-03-13 16:36 By Andre Joaquim 1 min. read

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%.



News Stream
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%.
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%.
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.
2025-12-10