Russian Producer Prices Rebound Sharply

Producer prices in Russia fell by 1.1% year-on-year in November 2025, marking the steepest decrease since May 2023, following a 0.7% rise in the previous month. Mining costs continued to plunge (-14.7% vs -11.4% in October), driven by declines in natural graphite (-17.1%), sea salt (-7.7%), dehydrated, desalted, and stabilized oil (-7.0%), iron ore concentrate (-5.5%), and bentonites (bentonite clays) (-5.4%). On the other hand, prices increased for electricity, gas and steam, air conditioning (14.1% vs 15.4%); water supply, sanitation and waste collection (7.5% vs 7.2%) and manufacturing (0.9% vs 2.3%). On a monthly basis, the producer price index fell by 0.9%, after a similar increase in the previous month.

Producer prices in Russia rose by 0.7% from the previous year in October of 2025, rebounding from the deflation rate of 0.4% in the previous month as waning base effects drove prices to rise the most since April. Producer costs accelerated for manufacturing industries (2.3% vs 1.3% in September), and wastewater management (7.2% vs 6.6%), while dropping- less for mining (-11.4% vs -13.9%). In turn, inflation slowed for the provision of electricity, gas, and steam (15.4% vs 17.9%). From the previous month, producer prices rose 0.9%.

Producer prices in Russia fell by 0.4% from the previous year in September 2025, following a 0.4% increase in the prior month. Costs continued to decline for mining (-13.9% vs -14% in September), but increases in electricity, gas and steam; air conditioning (17.9% vs 14.9%); water supply; sanitation, waste collection and disposal, pollution control activities (6.6% vs 4.7%) and manufacturing (1.3% vs 1.9%) helped cushion the overall drop. On a monthly basis, producer prices rose by 0.5% in September, slowing from a 1.1% increase in the prior month.