The Central Bank of Russia reported that measures of underlying inflation increased in July, reflecting second-round effects from a notable rise in motor fuel prices. Services inflation slowed but remained elevated, while non-food goods excluding motor fuel recorded moderate price growth. Labour market tightness continued to drive rapid price increases for personal and medical services. Food price movements were mixed, with meat products and sugar becoming more expensive while prices for dairy products, cheese and butter continued to decline. The central bank reiterated that monetary policy will remain focused on achieving sustainably low inflation.
2026-08-17Central Bank of Russia
Central Bank of Russia reports higher underlying inflation as fuel prices rise
The Central Bank of Russia reported an increase in underlying inflation measures in July as higher motor fuel prices generated second-round effects. Services inflation remained elevated, while food price movements were mixed and non-fuel goods prices rose moderately.