The Bank of Russia estimated underlying price growth in the third quarter of 2026 at an annualised rate of 5–6%, up from 4–5% in the first half of the year. The figures were reported by the PRIME news agency in its account of the central bank's summary of key-rate discussions, published on November 5.
The figures measure seasonally adjusted underlying price pressure, not the country's official annual inflation rate. In its statement following the October 23 meeting, the central bank said current price growth had reached an annualised 8% in the third quarter, compared with 4.8% in the second. Current price growth and the estimate of underlying inflation are different measures.
According to PRIME's account of the new summary, the central bank projected Russian GDP growth of 0.5–1% in 2026 and 1–2% in 2027. It kept its key interest rate at 14% at the October 23 meeting, citing elevated inflation expectations.