The annual inflation rate in Russia rose to 4.3 percent in July 2023 from 3.3 percent in June, the highest in five months and in line with market expectations. The central bank indicated its intention to potentially raise interest rates this year with the aim of bringing prices back to its 4% target by 2024 as it predicts that inflation will likely reach 4.5%-6.5% by the end of this year. Prices rose faster for food (2.2 percent vs 0.2 percent in June) and non-food products (2.3 percent vs 1.1 percent). On the other hand, services inflation slowed to 10 percent from 11 percent. Meanwhile, core consumer prices rose at a faster pace (3.2 percent vs 2.4 percent). On a monthly basis, consumer prices went up 0.6 percent, following a 0.4 percent increase. source: Federal State Statistics Service

Inflation Rate in Russia averaged 105.88 percent from 1991 until 2023, reaching an all time high of 2333.30 percent in December of 1992 and a record low of 2.18 percent in February of 2018. This page provides - Russia Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Russia Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Inflation Rate in Russia is expected to be 4.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia Inflation Rate is projected to trend around 4.00 percent in 2024 and 3.80 percent in 2025, according to our econometric models.

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Russia Inflation Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-12 04:00 PM Jun 3.2% 2.5% 3.3% 3.1%
2023-08-09 04:00 PM Jul 4.3% 3.3% 4.3% 4.1%
2023-09-08 04:00 PM Aug 4.3% 5.1%


Related Last Previous Unit Reference
Inflation Rate 4.30 3.30 percent Jul 2023
Inflation Rate MoM 0.60 0.40 percent Jul 2023
Consumer Price Index CPI 239.60 238.10 points Jul 2023
Core Inflation Rate 3.18 2.44 percent Jul 2023
Core Consumer Prices 100.50 100.50 points Jul 2023
GDP Deflator 119.34 113.95 points Mar 2023
Producer Prices 273.50 269.80 points Jul 2023
Producer Prices Change 4.10 0.00 percent Jul 2023
Food Inflation 2.23 0.18 percent Jul 2023

Russia Inflation Rate
In Russia, the most important categories in the Consumer Price Index are: Food & Non-alcoholic Beverages (30% of the total weight) and Transport (14%). Clothing & Footwear accounts for 11%, Housing, Water, Electricity, Gas, & Other Fuels for 11%, Recreation & Culture for 6%, Alcoholic Beverages & Tobacco for 6% and Household Appliances for 6%. Health, Communication, Education, Restaurants & Hotels and Miscellaneous Goods & Services account for 16% of the total weight.
Actual Previous Highest Lowest Dates Unit Frequency
4.30 3.30 2333.30 2.18 1991 - 2023 percent Monthly

News Stream
Russia Inflation Rate Rises to 5-Month High
The annual inflation rate in Russia rose to 4.3 percent in July 2023 from 3.3 percent in June, the highest in five months and in line with market expectations. The central bank indicated its intention to potentially raise interest rates this year with the aim of bringing prices back to its 4% target by 2024 as it predicts that inflation will likely reach 4.5%-6.5% by the end of this year. Prices rose faster for food (2.2 percent vs 0.2 percent in June) and non-food products (2.3 percent vs 1.1 percent). On the other hand, services inflation slowed to 10 percent from 11 percent. Meanwhile, core consumer prices rose at a faster pace (3.2 percent vs 2.4 percent). On a monthly basis, consumer prices went up 0.6 percent, following a 0.4 percent increase.
2023-08-09
Russia Inflation Rate Picks Up Less than Expected
The annual inflation rate in Russia rose to 3.2 percent in June 2023 from 2.5 percent in May, below market expectations of 3.3 percent. The central bank indicated its intention to potentially raise interest rates this year with the aim of bringing prices back to its 4% target by 2024 as it predicts that inflation will likely reach 4.5%-6.5% by the end of this year. The cost of food went up 0.2 percent, after a 1 percent decline in May and prices of non-food accelerated to 1% from 0.2% while services inflation was steady at 11 percent. Also, core consumer prices rose at a faster pace (2.4 percent vs 2.1 percent). On a monthly basis, consumer prices went up 0.4 percent, as expected.
2023-07-12
Russia Inflation Rate Rises More than Expected
The annual inflation rate in Russia rose to 2.5 percent in May 2023 from 2.3 percent in April, accelerating after 12 consecutive months of decline and surpassing expectations of 2.4 percent. The central bank indicated its intention to potentially raise interest rates this year with the aim of bringing prices back to its 4% target by 2024 as it predicts that inflation will likely reach 4.5%-6.5% by the end of this year. Services inflation picked up to 11 percent from 9.4 percent in the previous month and non-food prices went up 0.2 percent, after a 0.3 percent decrease. Meanwhile, food cost went down 1 percent, after being unchanged. Also, core consumer prices rose at a faster pace (2.1 percent vs 2 percent). On a monthly basis, consumer prices went up 0.3 percent, as expected.
2023-06-09