Annual inflation continues to decline in July
18 August 2025
News
Over the past 12 months, inflation in Russia came in at 8.8%, which is below the June 2025 level (9.4%). However, monthly price growth temporarily accelerated in July, due to the indexation of utility rates.
Price dynamics varied less notably across different groups of goods and services but still more significantly than during the period of low inflation between 2017 and 2019.
Despite the decline, annual inflation in July remained considerably above the target. The Bank of Russia’s monetary policy is aimed at bringing inflation back to 4.0% in 2026 and maintaining it close to this level further on.
More details are available in the new issue of the Bank of Russia’s information and analytical commentary Consumer Price Dynamics.
Preview photo: Tarasyuk Igor / Shutterstock / Fotodom