Inflation is slowing down, but the risks of price acceleration remain high

Evgeny Goryunov, Pavel Trunin and Maria Chembulatova
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Evgeny Goryunov: Gaidar Institute for Economic Policy

Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development (In Russian), 2026, issue 4, 5

Abstract: At its meeting on February 13, 2026, the Bank of Russia lowered its key rate by 50 basis points to 15.5% per annum. In January, inflation slowed to 6.0% y/y. The overall consumer price level increased by 1.6% compared to the previous month. Pro-inflationary risks continue to prevail over disinflationary ones. Pro-inflationary risks include: the Russian economy deviating upward from its balanced growth trajectory, heightened inflation expectations, a growing budget deficit, and falling oil prices

Keywords: Russian economy; Bank of Russia; inflation; key rate; budget deficit; oil prices (search for similar items in EconPapers)
JEL-codes: E44 E52 E58 (search for similar items in EconPapers)
Date: 2026
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