Inflation is slowing down, but pro-inflationary risks remain high

Evgeny Goryunov, Pavel Trunin, Maria Chembulatova

30 may 2025

At its meeting on April 25, 2025, the Bank of Russia kept the key rate at 21% per annum. In April, inflation slowed to 10.2% from a two-year high of 10.3% recorded in March. However, inflationary pressures remain high. Slower global economic growth and lower oil prices in case of escalation of tensions in global trade can increase pro-inflationary risks in the Russian economy as a result of ruble depreciation.



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