The Central Bank of Russia published its May issue of the Regional Economy report, indicating that consumer demand continued to expand at a moderate pace between April and May 2025 while demand for durable goods declined. Current price growth slowed, but inflation expectations remained high among both households and businesses. Business activity showed mixed trends across sectors and regions. Output increased in shipbuilding in the North-West and in aircraft manufacturing in the Volga Region, while cargo traffic at Far Eastern seaports rose on higher transshipment of coal and oil. By contrast, production of metal products declined in the Urals and chemical output fell in Siberia; the report’s special topics cover regional differences in consumer price trends, import and export freight logistics, and domestic tourism and passenger transport.
Central Bank of Russia 2025-05-28
Central Bank of Russia reports moderate consumption growth and slower price increases amid high inflation expectations
The Central Bank of Russia's May Regional Economy report highlights moderate consumer demand growth and a decline in durable goods demand, with slowed price growth but high inflation expectations. Business activity varied, with increases in shipbuilding and aircraft manufacturing, and declines in metal and chemical production. The report also addresses regional consumer price trends, freight logistics, and domestic tourism.