FX.co ★ Russia Services PMI Rises to 12-Month High

The S&P Global Russia Services PMI increased to 53.1 in January 2026, up from 52.3 in December, signaling expansion for the fourth consecutive month. This reading reflected the most rapid growth in the services sector since January 2025, as both output and new orders gathered pace. Strong demand conditions also spurred a new increase in employment. On the pricing front, both input and output costs rose, in part due to a higher value-added tax. Nevertheless, input cost inflation fell to its lowest since May 2009, a result of reduced wage expenses following lower employment and some moderation in material costs. Meanwhile, firms continued to pass rising costs onto customers, which led to a significant increase in output charges. However, output inflation decreased to a seven-month low, staying below its long-term average. Looking forward, business sentiment declined to its second-lowest level since January 2023.