Russia's Central Bank of Russia: inflation to slow down in 2026

Annual inflation in Russia continues to slow down, and all persistent factors point to its further deceleration in 2026, according to a report prepared by the Bank of Russia’s Research and Forecasting Department.

"All sustained factors point to a further slowdown of annual inflation in 2026, even taking into account one-off pro-inflationary effects associated with the announced increases in fees, taxes, and utility tariffs," the report said.

At the same time, the persistent components of consumer-price growth remain elevated and so far, show no pronounced tendency toward decline.

Therefore, in their view, bringing annual inflation down to 4% will require maintaining tight monetary policy for the period necessary to fully slow the persistent components of price growth and to reduce inflation expectations.

The conclusions and recommendations contained in the report may not align with the Bank of Russia’s official position.