Russia sees deflation in late August 2026
Russia recorded deflation in consumer prices from August 25 to 31, 2026, with a 0.01% decline, while inflation data from other sources showed a 6.32% annual rate. The Central Bank of Russia reported a 1.2% monthly increase in monetary aggregate M2 and a slowdown in the year-on-year growth of broad money.
Consensus
- Consumer prices in Russia declined by 0.01% from August 25 to 31, according to Rosstat.
- The Central Bank of Russia reported a 1.2 percent monthly increase in monetary aggregate M2 in August 2026.
- The year-on-year growth rate of broad money (M2X*) slowed to 12.4% by September 1, 2026.
- The year-on-year growth rate of cash in circulation (M0) increased to 20.9% by September 1, 2025.
- The contribution of ruble deposits of organizations to the annual growth of broad money (M2X) was 4.7 percentage points in August 2026.
- The share of cash in the ruble monetary mass increased to 15.1% in August 2026.
Points of divergence
- Annual inflation in Russia from August 25 to 31 was 6.32%, according to the Ministry of Economic Development. — vesti
- Consumer prices in Russia fell by 0.01% during the week of August 25 to 31. — vedomosti
- The year-on-year growth rate of M2 decreased to 12.9% by September 1, after 13.0% on August 1. — interfax
- The Bank of Russia forecasts a key rate of 14.5–14.6% in 2026 under a pro-inflation scenario. — vesti
- Anatoly Aksakov, head of the State Duma's committee on the financial market, said inflation should return to 4% in 2027. — vesti
Coverage (5 sources)
- Money supply in Russia grew by 1.2% in August, annual growth rate fell to 12.9% — Интерфакс
- In Russia, annual inflation from August 25 to 31 amounted to 6.32% — Вести
- Retail trade turnover of the Russian Federation in July grew by 5.3% — Интерфакс
- Rosstat recorded deflation in Russia at the end of summer — Ведомости
- Deflation in the Russian Federation from August 25 to 31 amounted to 0.01%, annual inflation rose to 6.32% — Интерфакс