FX.co ★ Russia Retail Sales Growth Slows Sharply

Retail sales in Russia rose by 0.7% year-on-year in January 2026, down sharply from a 3.9% increase in December and falling short of analysts’ expectations of a 1.7% gain. This was the weakest expansion in retail sales since the downturn recorded in March 2023, reflecting slower growth in spending on both food products (including beverages) and tobacco (0.8% vs 2.2% in December), as well as on non-food items (0.7% vs 5.7%). Month-on-month, retail trade slumped by 22.2%, reversing a 17.1% surge in the previous month. Overall, retail sales growth decelerated markedly in 2025, easing to 2.6% from 7.7% in the prior year.