Published on: 2026-09-23
Source: Central Bank of Russia – Central Bank of Russia –
An important disclaimer is at the bottom of this article.
Material reflects the main points of the discussion on the economic situation, inflation, monetary and external conditions, as well as the decision on the key rate.
The main topic of discussion was the significant increase in inflationary pressure in June–July. According to the participants of the discussion, the sustained price growth rose from 4–5% to 5–6% on an annualized basis.
The economy continued to grow moderately. Domestic demand remained high. Consumer activity was supported by an increase in household incomes. Individual purchases could also have been made due to concerns about further price increases. Investment activity was recovering. Budgetary policy continued to make a significant contribution to the growth of domestic demand.
The subsequent dynamics of inflation will largely depend on the situation in the fuel market. The baseline scenario assumes its gradual normalization. The conducted monetary policy will contribute to a more restrained growth of domestic demand. All this together should lead to a reduction in inflationary pressure.
Following the discussion, the key rate was kept at 14.00% per annum.
According to the forecast of the Bank of Russia, taking into account the current monetary policy, the annual inflation will be 6.0–7.0% in 2026, return to 4.0% in 2027, and remain at the target thereafter.
Please note; This information is raw content obtained directly from the information source. It represents an accurate account of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.