Talking Trends: underlying inflation remains above 4%
14 October 2025
News
In September, seasonally adjusted monthly price growth was accelerated, driven by the stronger impact of temporary proinflationary factors. However, the underlying measures of inflation adjusted for one-off factors were broadly unchanged, holding above 4%.
Economic activity continued to slow in the third quarter, although the extent of slowdown across sectors remains mixed.
To set price growth on a steady deceleration path and deliver its sustainable decline to 4% in 2026, tight monetary conditions need to be maintained.
More details are presented in Talking Trends, a Bank of Russia bulletin.
Preview photo: Valentin Egorshin / TASS