Russia Inflation Rate Edges Up in September

Russia’s annual inflation rate edged up to 6.35% in September 2026 from 6.33% in the previous month. Services inflation accelerated to 7.97% from 7.85%, while food price growth eased to 5.05% from 5.08% and non-food inflation slowed to 6.47% from 6.51%. Within food prices, fruit and vegetable prices continued to decline year-on-year, falling 4.24% compared with 5.19% in August, while food products excluding fruits and vegetables rose 5.24% (vs 5.15%). Core inflation increased to 5.47% from 5.37% in the previous month. On a monthly basis, consumer prices rose by 0.35% in September, following a 0.08% decline in August. Average inflation for January–September reached 5.93%, up from 5.87% in the January–August period.

Russia's annual inflation rate rose to 6.3% in August 2026, its highest level since November of 2025, up from 6% in the previous month and matching markets expectations. Food inflation rose to 5% from 4.4% while non-food cost growth also inched higher to 6.5% from 6.4%. Motor gasoline inflation slowed to 24.6% from 25.9%, although remaining elevated as Ukrainian attacks on Russian energy infrastructure hampered its refining capacity. In turn, inflation for passanger transports rose further to 10.7% from 9.1% in the prior month, while services inflation edged up to 7.9% from 7.8%. Core inflation also rose to 5.4% from 5.2%, reaching its highest level in seven months. Meanwhile, inflation for utilities remained largely unchanged at 1.6%. Compared to the previous month, consumer prices fell 0.1%, reversing a 0.5% rise in the prior month.

Russia’s annual inflation rate held at 6.0% in July 2026, matching June’s reading and remaining at its highest level since January. Motor gasoline inflation accelerated sharply to 25.9% from 19.9%, while passenger transport inflation rose to 9.1% from 6.8%, amid a severe fuel shortage as Ukrainian drone attacks disrupted refinery output. Core inflation rose to 5.2% from 5.0%, while goods inflation accelerated to 5.3% from 4.3%, driven by faster food price growth (4.4% vs 3.4%). In contrast, services inflation eased to 7.8% from 10.6%, driven by softer inflation for utilties (1.7% vs 15.1%) and housing (10.1% vs 12.1%). On a monthly basis, consumer prices rose 0.5% in July, slowing from a 0.9% increase in June.