Moscow: Russia’s weekly inflation rate has slowed to its lowest level since the beginning of the year, according to official data released on Wednesday. The figures come just ahead of the central bank’s rate-setting meeting scheduled for March 21, where policymakers will assess the country’s economic trajectory.
The Consumer Price Index (CPI) rose by 0.06% in the week leading up to March 17, following a 0.11% increase in the previous week. This brings overall price growth since the start of 2025 to 2.28%. The last time weekly inflation was at this level was in September 2024. A similar rate of 0.06% was recorded in the corresponding week last year, between March 12-18.
The central bank and the economy ministry recently revised their annual inflation forecasts, raising their projections to 7.0-8.0% for 2025, significantly above the previous 4.5-5.0% estimate. This is also well beyond the central bank’s target of 4%, highlighting ongoing economic pressures.
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The central bank’s board is set to convene this Friday to discuss the benchmark interest rate, which currently stands at its highest level in over two decades. Analysts surveyed in a Reuters poll overwhelmingly expect the regulator to maintain the rate at 21%.
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In 2024, Russia’s consumer prices rose by 9.52%, a sharp increase compared to 7.42% in 2023. This made last year’s inflation rate the fourth highest in the past 15 years, underlining persistent economic challenges despite the latest slowdown in weekly price growth.
