FX.co ★ Russia Services Sector Contracts the Most in 9 Months

The S&P Global Russia Services PMI fell to 48.2 in June 2026 from 48.7 in May, marking a fourth consecutive month of contraction in the sector. This was also the sharpest downturn since September, reflecting more pronounced declines in both business activity and new orders. In response to weaker demand, firms cut staff for the fifth month in a row, with the rate of job losses the fastest in three and a half years.

On the cost side, input prices continued to rise, driven by higher transportation expenses and wage growth. Even so, overall input cost inflation eased for the fifth straight month, retreating further from the VAT-related peak seen in January. Firms continued to raise their selling prices to pass on higher costs to customers, but the pace of output price inflation slowed to its weakest level since January 2021.

Business confidence also deteriorated, with sentiment slipping to its lowest point since late 2022.