Russia Inflation Rate Rises to 5-Month High

2026-07-10 16:31 By Andre Joaquim 1 min. read

The headline inflation rate in Russia rose to 6.0% in June of 2026 from 5.3% in the previous month, the highest since January, and contrasting with most major economies that are seeing consumer inflation slow after the initial surge driven by the war in the Middle East.

Inflation for motor gasoline was at 19.9% in the period, aligned with Russia's most aggressive fuel shortage since the end of the Soviet Union.

The global supply shock due to export halts from the Middle East were magnified with a series of Ukrainian drone attacks on Russian refineries.

In the meantime, inflation remained high for services at 10.6%.

On the other hand, food inflation was low compared to other sectors of the economy, at 3.4%.

From the previous month, the Russian CPI rose by 0.9%.



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Russia Inflation Rate Rises to 5-Month High
The headline inflation rate in Russia rose to 6.0% in June of 2026 from 5.3% in the previous month, the highest since January, and contrasting with most major economies that are seeing consumer inflation slow after the initial surge driven by the war in the Middle East. Inflation for motor gasoline was at 19.9% in the period, aligned with Russia's most aggressive fuel shortage since the end of the Soviet Union. The global supply shock due to export halts from the Middle East were magnified with a series of Ukrainian drone attacks on Russian refineries. In the meantime, inflation remained high for services at 10.6%. On the other hand, food inflation was low compared to other sectors of the economy, at 3.4%. From the previous month, the Russian CPI rose by 0.9%.
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Russia's headline annual inflation rate fell for the second month to 5.3% in May 2026, down from 5.6% in April and below market estimates of 5.4%. This was the lowest reading since August 2023, but it remains well above the CBR’s target of 4%. Food price growth slowed to 2.9%, compared to 4% in April, as fruit and vegetable prices continued to decline (-10.4% vs -6.6%). Meanwhile, prices advanced faster for services (10.1% vs 9.9%) and non-food products (4.2% vs 3.9%). The core rate edged down to 4.9% in May from 5% in the previous month. On a monthly basis, the CPI rose by 0.2%, after a 0.1% increase in the prior month, in line with forecasts.
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