FX.co ★ Russia Inflation Rate Lower than Anticipated

Russia’s annual headline inflation slowed to a four-month low of 5.6% in April 2026, down from 5.9% in March and below the consensus forecast of 5.8%. Nonetheless, inflation remains significantly above the Central Bank of Russia’s 4% target.

Price gains for food products eased to 4% from 5% in March, supported by a sharper decline in fruit and vegetable prices (-6.6% versus -2.3%). In contrast, services inflation stayed high at 9.9% (only slightly lower than 10% previously), and inflation for non-food goods accelerated to 3.9% from 3.5%. The main upward pressures in the non-food segment came from automobile gasoline (12.3%), medicines (9.1%), and tobacco (7.5%).

On a monthly basis, the consumer price index rose 0.1% in April, following a 0.6% increase in March and undershooting market expectations for a 0.3% gain.