The Central Bank of Russia published its Inflation in Russia analytical commentary reporting that annual inflation slowed to 5.6% in 2025 from 9.5% in 2024, the lowest reading since 2020. It reiterated that monetary conditions will remain as tight as required to bring inflation back to 4%. Non-food inflation averaged 3%, with prices declining for items including footwear, communication devices, personal computers, electronics and household appliances, TV and radio goods, tools and equipment, and motor vehicles, while services and food prices rose by 9.3% and 5.2% respectively. In December, seasonally adjusted monthly price growth was 2.6% in annualised terms; petrol and sugar prices continued to fall and price increases for eggs and fruit and vegetables were low, while measures of underlying inflation stayed within a 4–6% annualised range.
Central Bank of Russia 2026-01-21
Central Bank of Russia reports 2025 inflation fell to 5.6% and signals continued tight monetary conditions to return to 4%
The Central Bank of Russia reported that annual inflation decreased to 5.6% in 2025 from 9.5% in 2024, the lowest since 2020, and affirmed that monetary conditions will remain tight to achieve a 4% inflation target. Non-food inflation averaged 3%, while services and food prices rose by 9.3% and 5.2% respectively, with December's seasonally adjusted monthly price growth at 2.6% annualised.