Consumer price growth decelerates in August
The slowdown in current price growth was mostly due to fuels: the rise in petrol prices slowed markedly, while diesel fuel prices fell.
Measures of underlying inflation, which are affected by one-off factors to a lesser extent, edged down compared to July. However, they stayed above the averages recorded in 2026 Q2, which was associated with the developments in the fuel market. Additionally, the depreciation of the ruble accelerated the growth of import prices for non-food goods.
By contrast, service prices increased at a slower pace, mainly reflecting one-off factors. Specifically, communication service prices declined, while domestic tourism prices continued to fall. The growth rates of prices for market-based services, such as healthcare, personal, and transport services, were slightly lower.
The Bank of Russia will pursue its monetary policy to achieve sustainably low inflation. More details are available in the new issue of the Bank of Russia’s information and analytical commentary Inflation in Russia.