Russia's consumer price inflation eased to 6.01% in July 2026, down from 6.04% in June, according to the International Monetary Fund. The rate has remained in a narrow band between 5.35% and 6.04% since January 2026, after falling from 9.04% a year earlier. The latest reading stays well below the series all-time high of 1,065.57% recorded in September 1993, but remains above the all-time low of 2.20% set in February 2018. Producer price inflation, a separate series, stood at 0.65% year-on-year as of October 2025, the most recent available period for that indicator.

Russia Inflation Eases to 6.01% in July

Russia's policy rate held at 14% in August 2026, unchanged from July. The rate has declined from 18% a year earlier and from 18% in August 2025, marking a 4-percentage-point reduction over 12 months. The current level is 196 percentage points below the all-time high of 210% set in March 1994 and 9.75 points above the record low of 4.25% from February 2021, according to the Bank for International Settlements.

Russia Holds Policy Rate at 14%

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