Russia Feb. core CPI rises 5.18% y/y

Russia’s core consumer price index (CPI) increased by 5.18% year-over-year in February 2026, according to the latest data. This marks a slight acceleration from previous readings and reflects persistent inflationary pressures despite aggressive monetary policy tightening. The Central Bank of Russia (CBR) has maintained a restrictive stance since mid-2024, when it raised the key policy rate by 200 basis points to 18%, the highest level in over two years. The move aimed to stabilize prices amid elevated demand and supply-side challenges, including energy market volatility and currency fluctuations.

While core CPI growth remains above the CBR’s long-term target, the rate of acceleration has moderated compared to late 2024, suggesting some efficacy of tightening measures. Analysts note that inflation dynamics remain influenced by wage growth, fiscal stimulus, and global commodity prices. The CBR’s upcoming policy decisions will likely hinge on whether inflationary momentum subsides toward target ranges without triggering broader economic slowdowns. Investors are closely monitoring upcoming inflation reports and central bank communications for signals of policy easing. For now, high real interest rates are expected to remain in place to anchor inflation expectations.

(https://cbr.ru/Collection/Collection/File/59610/CPD_2025-12_e.pdf): Central Bank of Russia, INFLATION (2025–2026).
(https://www.reuters.com/markets/rates-bonds/russian-central-bank-hikes-rates-by-200-bps-18-highest-more-than-two-years-2024-07-26/): Reuters, “Russian central bank sharply hikes rates to 18%, promises…” (July 26, 2024).