The Central Bank of Russia published an account of its monetary policy discussion and kept the key rate at 14.00% per annum after inflationary pressures intensified considerably in June and July. Participants estimated that underlying price growth accelerated from 4–5% to 5–6% in annualized terms. Economic growth remained moderate, but strong domestic demand was supported by rising household incomes, recovering investment and fiscal policy. Some consumers also brought forward purchases in anticipation of price increases. The baseline forecast assumes that fuel market conditions will gradually normalize and monetary policy will temper demand, helping annual inflation decline to 6.0–7.0% in 2026 and return to the 4.0% target in 2027.
2026-09-23Central Bank of Russia
Central Bank of Russia keeps key rate at 14.00% after inflation pressures intensify
The Central Bank of Russia kept its key rate at 14.00% after underlying price growth accelerated to 5–6% in annualized terms in June and July. It forecasts annual inflation of 6.0–7.0% in 2026 and a return to the 4.0% target in 2027.