Russia’s headline annual inflation rate eased for the second consecutive month, falling to 5.3% in May 2026 from 5.6% in April and coming in just below market expectations of 5.4%. Although this was the lowest rate since August 2023, it remained significantly above the Central Bank of Russia’s 4% target.
Food price inflation slowed markedly to 2.9% from 4% in April, driven largely by a deeper decline in fruit and vegetable prices (-10.4% versus -6.6%). In contrast, price growth accelerated for services (10.1% versus 9.9%) and for non-food products (4.2% versus 3.9%).
The core inflation rate edged down to 4.9% in May from 5% in the previous month. On a monthly basis, the consumer price index (CPI) rose 0.2%, following a 0.1% increase in April and matching market forecasts.
