FX.co ★ Russia Inflation Holds Steady in July

Russia’s annual inflation rate was unchanged at 6.0% in July 2026, matching the June figure and remaining at its highest level since January. Motor gasoline inflation surged to 25.9% from 19.9%, and passenger transport inflation climbed to 9.1% from 6.8%, reflecting a severe fuel shortage following Ukrainian drone attacks that disrupted refinery output.

Core inflation edged up to 5.2% from 5.0%, while goods inflation accelerated to 5.3% from 4.3%, largely driven by faster food price growth (4.4% vs 3.4%). In contrast, services inflation slowed to 7.8% from 10.6%, mainly due to a sharp easing in price growth for utilities (1.7% vs 15.1%) and housing (10.1% vs 12.1%).

On a monthly basis, consumer prices increased by 0.5% in July, down from a 0.9% rise in June.