The Central Bank of Russia, in its Talking Trends bulletin, said consumer prices rose at a significantly faster pace in June, although it attributed the acceleration mainly to temporary factors. It added that monetary conditions must remain tight for inflation to slow to 4% and stay near target, particularly given the effect of price growth on inflation expectations. The bulletin highlighted rising fuel prices as a risk that could worsen both inflation expectations and inflation, while noting that uncertainty over future external economic conditions remains high. It also said economic activity in the second quarter was above the first-quarter level, but that differences across sectors became more pronounced.
Central Bank of Russia2026-07-15
Central Bank of Russia bulletin says June inflation accelerated on temporary factors and monetary conditions must remain tight
The Central Bank of Russia said in its Talking Trends bulletin that June inflation accelerated mainly because of temporary factors. It added that tight monetary conditions are still needed to bring inflation back to 4%, citing risks from higher fuel prices, inflation expectations and uncertain external conditions. Economic activity rose in the second quarter, but sectoral differences widened.