Template-Type: ReDIF-Article 1.0
Author-Name: Evgeny Goryunov
Author-Name-First: Evgeny
Author-Name-Last: Goryunov
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Pavel Trunin
Author-Name-First: Pavel
Author-Name-Last: Trunin
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Maria Chembulatova
Author-Name-First: Maria
Author-Name-Last: Chembulatova
Author-Workplace-Name: Gaidar Institute for Economic Policy
Title: Inflation is slowing down, but inflationary risks remain
Abstract: At its meeting on September 12, 2025, the Bank of Russia lowered its key rate by 100 basis points to 17% per annum. In August, inflation slowed to 8.1%, the lowest level since April 2024. For the first time since August 2022, there was a 0.4% decline in the overall level of consumer prices relative to the previous month. However, significant inflationary risks remain, including a resumption of credit growth, inflationary expectations and budget deficits, tensions in the labor market, and a weakening of the ruble amid slowing global GDP growth and falling oil prices in the event of escalating tensions in global trade.
Classification-JEL: E44, E52, E58
Keywords: Russian economy, inflation, Bank of Russia, key rate, inflationary expectations, consumer sentiments, prices
Year: 2025
Issue: 19
Month: September
Pages: 5
File-URL: https://www.iep.ru/files/RePEc/gai/monreo/monreo-2025-19-1447.pdf
File-Format: application/pdf
File-Function: Revised Version, 2025
Handle: RePEc:gai:monreo:monreo-2025-19-1447