Template-Type: ReDIF-Article 1.0
Author-Name: Gleb Barabanov
Author-Name-First: Gleb
Author-Name-Last: Barabanov
Author-Workplace-Name: Gaidar Institute for Economic Policy
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
Title: Inflation in the Russian Federation has accelerated
Abstract: After a slight decline in previous months, inflation picked up again in June 2026, driven primarily by a negative supply shock due to problems in the fuel market. As a result, annual inflation rose from 5.3% in May to 6.0% in June (core inflation remained virtually unchanged: 5.0% y/y in June, compared to 4.9% y/y in May). Meanwhile, seasonally adjusted monthly inflation on a y/y basis rose to 10.6% in June, up from 2.0% in May. Prolonged and significant rise in gasoline and diesel prices could trigger secondary effects, raising inflation expectations and accelerating price growth across a wide range of goods and services. All other things being equal, this would require the Bank of Russia to adopt a tighter monetary policy.
Classification-JEL: P24
Keywords: Russian economy, Bank of Russia, key rate, inflation, ruble exchange rate
Year: 2026
Issue: 15
Month: July
Pages: 3
File-URL: https://www.iep.ru/files/RePEc/gai/mreoen/mreoen-2026-15-1636.pdf
File-Format: application/pdf
File-Function: Revised Version, 2026
Handle: RePEc:gai:mreoen:mreoen-2026-15-1636