Price growth temporarily speeds up in most regions in January
In January, prices went up more sharply than in December in all regions, except the Chukotka Autonomous Area where price growth slowed and the Kamchatka Territory where prices rose as much as in December.
The price growth was mainly driven by an increase in VAT, excise taxes, administered tariffs, and fees. Furthermore, due to additional costs during the severe frosts, including heating costs, vegetable prices soared in most regions after their unusually insignificant seasonal rise in November–December 2025. In addition, in many regions, tariffs for housing services, passenger transport, communications, and cultural services were up owing to their one-time adjustment for inflation.
According to the Bank of Russia, inflation will go down after the effect of these factors is exhausted and under the impact of monetary policy. This process will be supported by monetary policy pursued. According to the Bank of Russia’s forecast, inflation will decline to 4.5–5.5% in 2026, 4.0% in 2027, and stay at the target further on.
More details on inflation in each Russian region are available in the information and analytical materials.