Annual inflation in Russia has decreased to 8.8% over the past 12 months, down from 9.4% in June 2025, according to recent data. The decline comes despite a temporary acceleration in monthly price growth during July, which was attributed to the indexation of utility rates.
The variation in price changes across different categories of goods and services was less pronounced than in previous months but remained higher than during the low inflation period between 2017 and 2019.
Although there has been a reduction, annual inflation remains significantly above the target set by the Bank of Russia. The central bank’s monetary policy continues to focus on returning inflation to its goal of 4.0% by 2026 and keeping it near that level moving forward.
More information can be found in the latest issue of the Bank of Russia’s information and analytical commentary Consumer Price Dynamics.
