Published on: 2026-09-01
Source: Central Bank of Russia – Central Bank of Russia –
An important disclaimer is at the bottom of this article.
GDP growth in the second quarter exceeded expectations. In the third quarter, the output of goods and services is being constrained by a temporary reduction in production capacities. Seasonally adjusted price growth in July and presumably in August remained elevated due to supply-side constraints. At the same time, the indicators of sustainable price growth are mostly in the range of 4–5%.
The gap between wage growth and labor productivity has narrowed. This creates conditions for a smoother but more sustainable increase in demand.
Uncertainty about future foreign economic conditions remains high.
The return of inflation to the 4% target in 2027 requires precise decisions on monetary policy.
Read in more detail in the bulletin “What the Trends Are Talking About”.
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