Underlying inflation holds at 5-6 percent in September
Underlying inflation measures mostly stayed at 5-6 percent in September, according to Bank of Russia estimates published on October 14, 2026. Demand drove inflation more than one-off factors.
Goods slow but services persist
The Bank of Russia reported broadly stable underlying inflation measures in September, with most remaining in the 5-6 percent range.
Price growth slowed across a wide range of non-food goods.
Clothing, footwear and knitwear prices increased by less than the seasonal norm for September.
Prices for smallware, furniture and construction materials also rose more slowly, while electrical goods prices continued to increase rapidly.
Food prices rose at an accelerated pace, but their growth was slower than in August.
Service price growth remained high.
These sectoral differences accompanied little overall change in the underlying inflation measures.
Demand outweighs one-off pressures
Underlying inflation reflected demand more than one-off factors, according to the Bank of Russia.
Fuel market conditions and the exchange rate continued to affect price dynamics, but their effects were less pronounced.
The central bank reiterated that its monetary policy aims to return annual inflation to the 4 percent target.
It directed readers to the latest issue of its information and analytical commentary, Inflation in Russia, for further information.
Stability is not convergence
Broadly flat underlying measures do not establish a return to the inflation target.
The reported 5-6 percent range coexists with rapid electrical goods price increases and high service price growth.
The bank maintains its objective of 4 percent annual inflation.