Talking Trends: early in the year, price growth accelerates temporarily
3 February 2026
News
In 2025, full-year inflation hit a record low in recent years thanks to tight monetary policy and one-off disinflationary factors. Contrastingly, seasonally adjusted growth in consumer prices expectedly accelerated in January, on the back of one-off proinflationary factors including tax and tariff increases. A further downward movement of inflation to 4% and its stabilisation at target require that monetary policy remain tight.
High-frequency data show that economic activity picked up in the fourth quarter. The growth gained support from consumer and public demand and a rebound in lending.
More details are presented in Talking Trends, a Bank of Russia bulletin.
Preview photo: Who is Danny / Shutterstock / Fotodom