Consumer price growth has slowed the most in five years, central bank data shows<\/p>\n
Russia\u2019s annual inflation slowed to its lowest level in five years in 2025, according to data from the country\u2019s central bank. The figures show a marked easing in consumer price growth across much of the economy.
\nYear-on-year inflation stood at 5.59% in December, down from 6.64% in November, the Bank of Russia (CBR) reported this week. Over 2025 as a whole, price growth eased noticeably compared to the previous year, with non-food items rising by an average of 3% and some categories \u2013 including cars, electronics, footwear and household appliances \u2013 becoming cheaper. Services increased by 9.3% and food by 5.2%.
\nSeasonally adjusted, the monthly increase in prices in December was equivalent to about 2.6% in annualized terms. According to the regulator, measures of underlying, or \u201csustainable,\u201d inflation remained in a 4-6% range, close to its 4% target.
\nThe CBR has been gradually unwinding the emergency tightening introduced after Western sanctions and ruble volatility, when the key rate was briefly raised as high as 21% in October 2024. In December, it cut the rate for the fifth time since June, by 50 basis points to 16%, while pledging to keep policy \u201cas tight as required\u201d to bring inflation back on target.<\/p>\n
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Deputy CBR Governor Aleksey Zabotkin said on Friday that the regulator\u2019s forecast for 2026 envisages further easing, with the average key rate next year projected in a range of 13-15% under the CBR\u2019s October outlook.
\n\u201cOur forecast assumes further cuts [in the key rate] during 2026,\u201d Zabotkin said. \u201cBut inflation is still above the target, not to mention inflation expectations, which have not yet fallen significantly. Therefore, it is premature to say that it is already time to return to neutral monetary policy.\u201d
\nAnalyst Vladimir Yeryomkin of RANEPA\u2019s Institute of Applied Economic Research told Rossiyskaya Gazeta that the 2025 data shows the CBR had largely managed to bring inflation under control, creating conditions for cautious rate cuts this year, while stressing that keeping inflation on track toward the 4% target must remain the priority.<\/p>\n","protected":false},"excerpt":{"rendered":"
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