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  1. Russia
  2. ›
  3. Purchasing power & prices

A double-digit key rate: the Bank of Russia against inflation

To contain inflation in a war economy, the Bank of Russia raised its key rate to a record before cutting it in steps. VAT rose from 20% to 22% on 1 January 2026. Rates, inflation, credit and the rouble, from the central bank’s series.

Citoyen·Data as of Nov 12, 2026

Scope: Russia. Key rate and year-on-year inflation each month since 2017; average rouble lending and deposit rates since 2014; loans granted to households since 2019; average dollar rate; IMF annual growth and inflation (actual years).

This dossier is updated at least once a quarter with the new figures. Follow it to get a notification at each update.

Key points

Key rate14.00%end of Sep. 2026, against 21% at the peak (Oct. 2024)
Inflation over a year6.35%Sep. 2026, central bank target: 4%
Key rate minus inflation7.65 ptex post real rate, Sep. 2026
Average mortgage rate8.61%Sep. 2026, subsidised programmes included
  • A record key rate, then cuts in steps. From 7.5% in Jun. 2023, the Bank of Russia raised its rate to 21% in Oct. 2024. It was back to 14.00% in Sep. 2026, 7.00 pt below the peak.
  • Inflation has fallen without returning to target. Year-on-year price growth, which had reached 10.34% in Mar. 2025, is 6.35% in Sep. 2026, above the 4% target. The peak after the invasion of Ukraine was 17.83% in Apr. 2022.
  • A very high real rate. The gap between the key rate and inflation reaches 7.65 pt in Sep. 2026: money remains expensive for borrowers. Firms borrow for over a year at 12.15% on average, households at 16.55%.
  • Lending to households picks up. Banks granted 26,498bn roubles of loans to households over the latest twelve months (Oct. 2025 – Sep. 2026), 21.7% more than in the previous twelve months.
  • The rouble back near its pre-war level. The dollar averages 83.0 roubles in Oct. 2026, against 75.9 roubles in Jan. 2022 and 103.7 roubles at the Mar. 2022 peak.
How to read these figures

The key rate is the rate at which the Bank of Russia lends to banks and pays on their deposits; it sets it to bring inflation back to its 4% target. Inflation is the year-on-year rise in consumer prices, measured by Rosstat and republished by the central bank. The ex post real rate subtracts past inflation from the key rate: an approximation, since the central bank reasons on expected inflation.

Lending and deposit rates are weighted averages of the rouble contracts signed each month. The mortgage rate includes loans under subsidised state programmes: it is well below market rates. Reliability: Russian official statistics have been published in less detail since 2022 and their quality is debated; they are the best available, to be read with caution. Rosstat cannot be reached from Citoyen’s servers: inflation is read in the Bank of Russia’s table.

1. The key rate and inflation

After the 2022 shock, the key rate had come down. From summer 2023, the central bank raised it in several steps, up to the record of autumn 2024, before starting to cut it in 2025.

Key rate and inflation over a year

Key rate in force and year-on-year price growth, each month. Dotted line: inflation target of 4%.

  • Inflation over a year
  • Key rate

Source:Bank of Russia

Show the chart data
PeriodKey rateInflation over a year
Jan. 201710.00%5.00%
Feb. 201710.00%4.60%
Mar. 20179.75%4.30%
Apr. 20179.75%4.10%
May 20179.25%4.10%
Jun. 20179.00%4.40%
Jul. 20179.00%3.90%
Aug. 20179.00%3.30%
Sep. 20178.50%3.00%
Oct. 20178.25%2.70%
Nov. 20178.25%2.50%
Dec. 20177.75%2.50%
Jan. 20187.75%2.20%
Feb. 20187.50%2.20%
Mar. 20187.25%2.40%
Apr. 20187.25%2.40%
May 20187.25%2.40%
Jun. 20187.25%2.30%
Jul. 20187.25%2.50%
Aug. 20187.25%3.10%
Sep. 20187.50%3.40%
Oct. 20187.50%3.50%
Nov. 20187.50%3.80%
Dec. 20187.75%4.30%
Jan. 20197.75%5.00%
Feb. 20197.75%5.20%
Mar. 20197.75%5.30%
Apr. 20197.75%5.20%
May 20197.75%5.10%
Jun. 20197.50%4.70%
Jul. 20197.25%4.60%
Aug. 20197.25%4.30%
Sep. 20197.00%4.00%
Oct. 20196.50%3.80%
Nov. 20196.50%3.50%
Dec. 20196.25%3.00%
Jan. 20206.25%2.40%
Feb. 20206.00%2.30%
Mar. 20206.00%2.50%
Apr. 20205.50%3.10%
May 20205.50%3.00%
Jun. 20204.50%3.20%
Jul. 20204.25%3.40%
Aug. 20204.25%3.60%
Sep. 20204.25%3.70%
Oct. 20204.25%4.00%
Nov. 20204.25%4.40%
Dec. 20204.25%4.90%
Jan. 20214.25%5.20%
Feb. 20214.25%5.70%
Mar. 20214.50%5.80%
Apr. 20215.00%5.50%
May 20215.00%6.00%
Jun. 20215.50%6.50%
Jul. 20216.50%6.50%
Aug. 20216.50%6.68%
Sep. 20216.75%7.40%
Oct. 20217.50%8.13%
Nov. 20217.50%8.40%
Dec. 20218.50%8.39%
Jan. 20228.50%8.73%
Feb. 202220.00%9.15%
Mar. 202220.00%16.69%
Apr. 202217.00%17.83%
May 202211.00%17.10%
Jun. 20229.50%15.90%
Jul. 20228.00%15.10%
Aug. 20228.00%14.30%
Sep. 20227.50%13.68%
Oct. 20227.50%12.63%
Nov. 20227.50%11.98%
Dec. 20227.50%11.94%
Jan. 20237.50%11.77%
Feb. 20237.50%10.99%
Mar. 20237.50%3.51%
Apr. 20237.50%2.31%
May 20237.50%2.51%
Jun. 20237.50%3.25%
Jul. 20238.50%4.30%
Aug. 202312.00%5.15%
Sep. 202313.00%6.00%
Oct. 202315.00%6.69%
Nov. 202315.00%7.48%
Dec. 202316.00%7.42%
Jan. 202416.00%7.44%
Feb. 202416.00%7.69%
Mar. 202416.00%7.72%
Apr. 202416.00%7.84%
May 202416.00%8.30%
Jun. 202416.00%8.59%
Jul. 202418.00%9.13%
Aug. 202418.00%9.05%
Sep. 202419.00%8.63%
Oct. 202421.00%8.54%
Nov. 202421.00%8.88%
Dec. 202421.00%9.52%
Jan. 202521.00%9.92%
Feb. 202521.00%10.06%
Mar. 202521.00%10.34%
Apr. 202521.00%10.23%
May 202521.00%9.88%
Jun. 202520.00%9.40%
Jul. 202518.00%8.79%
Aug. 202518.00%8.14%
Sep. 202517.00%7.98%
Oct. 202516.50%7.71%
Nov. 202516.50%6.64%
Dec. 202516.00%5.59%
Jan. 202616.00%6.00%
Feb. 202615.50%5.91%
Mar. 202615.00%5.86%
Apr. 202614.50%5.58%
May 202614.50%5.31%
Jun. 202614.25%6.02%
Jul. 202614.00%5.98%
Aug. 202614.00%6.33%
Sep. 202614.00%6.35%

Key rate minus inflation

Difference between the key rate and year-on-year inflation in the same month, in points.

Source:Bank of Russia

Show the chart data
PeriodEx post real rate
Jan. 20175.00 pt
Feb. 20175.40 pt
Mar. 20175.45 pt
Apr. 20175.65 pt
May 20175.15 pt
Jun. 20174.60 pt
Jul. 20175.10 pt
Aug. 20175.70 pt
Sep. 20175.50 pt
Oct. 20175.55 pt
Nov. 20175.75 pt
Dec. 20175.25 pt
Jan. 20185.55 pt
Feb. 20185.30 pt
Mar. 20184.85 pt
Apr. 20184.85 pt
May 20184.85 pt
Jun. 20184.95 pt
Jul. 20184.75 pt
Aug. 20184.15 pt
Sep. 20184.10 pt
Oct. 20184.00 pt
Nov. 20183.70 pt
Dec. 20183.45 pt
Jan. 20192.75 pt
Feb. 20192.55 pt
Mar. 20192.45 pt
Apr. 20192.55 pt
May 20192.65 pt
Jun. 20192.80 pt
Jul. 20192.65 pt
Aug. 20192.95 pt
Sep. 20193.00 pt
Oct. 20192.70 pt
Nov. 20193.00 pt
Dec. 20193.25 pt
Jan. 20203.85 pt
Feb. 20203.70 pt
Mar. 20203.50 pt
Apr. 20202.40 pt
May 20202.50 pt
Jun. 20201.30 pt
Jul. 20200.85 pt
Aug. 20200.65 pt
Sep. 20200.55 pt
Oct. 20200.25 pt
Nov. 2020−0.15 pt
Dec. 2020−0.65 pt
Jan. 2021−0.95 pt
Feb. 2021−1.45 pt
Mar. 2021−1.30 pt
Apr. 2021−0.50 pt
May 2021−1.00 pt
Jun. 2021−1.00 pt
Jul. 20210.00 pt
Aug. 2021−0.18 pt
Sep. 2021−0.65 pt
Oct. 2021−0.63 pt
Nov. 2021−0.90 pt
Dec. 20210.11 pt
Jan. 2022−0.23 pt
Feb. 202210.85 pt
Mar. 20223.31 pt
Apr. 2022−0.83 pt
May 2022−6.10 pt
Jun. 2022−6.40 pt
Jul. 2022−7.10 pt
Aug. 2022−6.30 pt
Sep. 2022−6.18 pt
Oct. 2022−5.13 pt
Nov. 2022−4.48 pt
Dec. 2022−4.44 pt
Jan. 2023−4.27 pt
Feb. 2023−3.49 pt
Mar. 20233.99 pt
Apr. 20235.19 pt
May 20234.99 pt
Jun. 20234.25 pt
Jul. 20234.20 pt
Aug. 20236.85 pt
Sep. 20237.00 pt
Oct. 20238.31 pt
Nov. 20237.52 pt
Dec. 20238.58 pt
Jan. 20248.56 pt
Feb. 20248.31 pt
Mar. 20248.28 pt
Apr. 20248.16 pt
May 20247.70 pt
Jun. 20247.41 pt
Jul. 20248.87 pt
Aug. 20248.95 pt
Sep. 202410.37 pt
Oct. 202412.46 pt
Nov. 202412.12 pt
Dec. 202411.48 pt
Jan. 202511.08 pt
Feb. 202510.94 pt
Mar. 202510.66 pt
Apr. 202510.77 pt
May 202511.12 pt
Jun. 202510.60 pt
Jul. 20259.21 pt
Aug. 20259.86 pt
Sep. 20259.02 pt
Oct. 20258.79 pt
Nov. 20259.86 pt
Dec. 202510.41 pt
Jan. 202610.00 pt
Feb. 20269.59 pt
Mar. 20269.14 pt
Apr. 20268.92 pt
May 20269.19 pt
Jun. 20268.23 pt
Jul. 20268.02 pt
Aug. 20267.67 pt
Sep. 20267.65 pt

2. What borrowers pay

Lending rates follow the key rate with a lag. Mortgages are the exception, because a large share of loans goes through state programmes at subsidised rates.

Average rouble lending and deposit rates

Firms: loans over one year; households: all maturities; mortgages (since 2017); household deposits up to one year.

  • Household deposits (up to one year)
  • Mortgages
  • Loans to households
  • Loans to firms (over one year)

Source:Bank of Russia

Show the chart data
PeriodLoans to firms (over one year)Loans to householdsMortgagesHousehold deposits (up to one year)
Jan. 201410.64%19.06%–5.30%
Feb. 201411.11%18.48%–5.09%
Mar. 201410.60%18.30%–5.07%
Apr. 201410.97%18.02%–5.18%
May 201411.23%18.21%–5.19%
Jun. 201411.67%18.08%–5.33%
Jul. 201411.92%18.08%–5.54%
Aug. 201411.83%18.01%–5.63%
Sep. 201412.05%18.26%–5.71%
Oct. 201412.24%18.22%–5.95%
Nov. 201412.56%18.39%–6.23%
Dec. 201412.94%18.15%–12.29%
Jan. 201515.09%20.90%–12.33%
Feb. 201516.36%21.64%–11.22%
Mar. 201516.45%22.62%–11.16%
Apr. 201515.80%21.46%–8.97%
May 201516.25%21.34%–8.86%
Jun. 201515.12%20.28%–9.39%
Jul. 201514.87%19.99%–8.74%
Aug. 201514.58%19.68%–8.44%
Sep. 201514.19%19.16%–8.45%
Oct. 201514.39%18.96%–6.92%
Nov. 201514.17%18.68%–7.45%
Dec. 201512.95%18.02%–8.43%
Jan. 201613.67%18.80%–8.20%
Feb. 201613.32%17.30%–7.68%
Mar. 201613.78%18.05%–7.46%
Apr. 201613.88%17.84%–7.67%
May 201613.97%18.09%–7.04%
Jun. 201613.67%17.84%–6.92%
Jul. 201612.97%17.78%–6.78%
Aug. 201612.98%17.37%–6.77%
Sep. 201612.76%17.13%–6.00%
Oct. 201611.90%16.96%–6.01%
Nov. 201611.82%16.45%–6.62%
Dec. 201611.70%15.94%–6.50%
Jan. 201712.46%16.75%–6.50%
Feb. 201711.67%16.36%–6.30%
Mar. 201711.45%15.96%–5.91%
Apr. 201711.31%15.70%–6.25%
May 201710.99%15.60%–6.10%
Jun. 201710.36%15.35%–5.70%
Jul. 20179.98%15.25%–6.07%
Aug. 201710.42%14.82%–6.07%
Sep. 201710.20%14.33%–5.31%
Oct. 20179.82%13.92%–5.67%
Nov. 20179.74%13.64%–5.18%
Dec. 20179.41%13.19%9.79%5.27%
Jan. 20188.61%13.79%9.85%5.53%
Feb. 20189.23%13.61%9.75%5.42%
Mar. 20189.22%13.56%9.63%5.43%
Apr. 20188.51%13.37%9.60%5.29%
May 20188.61%13.36%9.54%5.39%
Jun. 20188.45%13.17%9.49%5.10%
Jul. 20188.61%13.10%9.57%5.04%
Aug. 20189.05%13.05%9.42%4.98%
Sep. 20189.24%12.67%9.41%5.14%
Oct. 20189.16%12.68%9.41%5.54%
Nov. 20189.45%12.56%9.51%5.89%
Dec. 20189.17%12.70%9.66%5.62%
Jan. 20199.56%13.22%9.88%6.02%
Feb. 20199.74%13.16%10.16%6.15%
Mar. 20199.85%13.33%10.42%6.03%
Apr. 20199.63%13.42%10.56%5.72%
May 20199.66%13.69%10.54%5.63%
Jun. 20199.35%13.41%10.30%5.72%
Jul. 20199.51%13.39%10.23%5.33%
Aug. 20198.97%13.10%9.90%5.18%
Sep. 20199.01%12.88%9.67%5.03%
Oct. 20199.30%12.71%9.41%4.90%
Nov. 20199.03%12.47%9.22%4.48%
Dec. 20198.26%12.14%9.05%4.66%
Jan. 20208.43%12.46%8.85%4.46%
Feb. 20208.02%12.15%8.73%4.23%
Mar. 20208.20%11.90%8.68%4.21%
Apr. 20209.00%11.85%8.42%4.67%
May 20208.26%11.67%7.56%4.05%
Jun. 20207.13%11.46%7.64%3.90%
Jul. 20207.42%10.92%7.38%3.43%
Aug. 20206.99%10.79%7.26%3.18%
Sep. 20206.81%10.43%7.32%3.27%
Oct. 20207.04%10.15%7.31%3.23%
Nov. 20206.58%10.37%7.38%3.22%
Dec. 20206.77%10.14%7.36%3.38%
Jan. 20216.98%10.71%7.23%3.36%
Feb. 20217.23%10.29%7.26%3.16%
Mar. 20216.98%10.23%7.23%3.22%
Apr. 20217.07%10.17%7.30%3.32%
May 20217.21%10.51%7.30%3.30%
Jun. 20217.63%10.25%7.07%3.41%
Jul. 20217.69%10.82%7.67%3.62%
Aug. 20218.37%10.88%7.78%3.86%
Sep. 20218.36%10.75%7.73%4.14%
Oct. 20218.69%10.87%7.70%4.33%
Nov. 20218.52%10.93%7.59%4.62%
Dec. 20218.85%10.83%7.81%5.12%
Jan. 20229.77%11.60%7.87%5.11%
Feb. 202210.53%11.49%8.10%6.31%
Mar. 202213.15%11.67%8.05%18.67%
Apr. 202212.90%15.60%7.64%13.87%
May 202211.97%15.52%6.17%7.99%
Jun. 20229.71%14.37%6.36%6.92%
Jul. 20229.75%12.75%6.67%6.11%
Aug. 20228.46%12.43%6.67%5.00%
Sep. 20228.79%11.96%6.71%5.49%
Oct. 20229.07%12.25%7.38%5.12%
Nov. 20228.62%12.36%7.11%5.25%
Dec. 20228.56%11.75%6.65%5.38%
Jan. 20238.23%13.40%7.86%5.27%
Feb. 20238.95%12.65%8.05%5.36%
Mar. 20238.88%12.61%8.18%5.72%
Apr. 20239.11%12.63%8.52%5.63%
May 20239.09%12.86%8.40%5.44%
Jun. 20239.47%12.69%8.45%5.35%
Jul. 20239.37%12.51%8.25%5.69%
Aug. 202311.24%12.32%8.04%8.58%
Sep. 202312.01%12.46%7.92%9.40%
Oct. 202312.48%13.59%8.35%9.96%
Nov. 202312.46%13.71%8.18%11.64%
Dec. 202314.09%13.80%7.91%12.78%
Jan. 202414.34%17.69%8.40%14.32%
Feb. 202414.89%18.66%9.28%14.45%
Mar. 202415.00%17.55%8.41%14.47%
Apr. 202414.90%17.28%8.41%14.67%
May 202414.53%17.04%8.06%14.98%
Jun. 202414.54%15.61%7.57%16.30%
Jul. 202414.97%19.38%10.19%16.13%
Aug. 202415.16%19.58%9.32%16.60%
Sep. 202415.80%19.13%8.94%17.42%
Oct. 202415.81%19.26%9.65%18.78%
Nov. 202415.72%19.51%9.01%20.35%
Dec. 202414.56%20.94%8.47%21.37%
Jan. 202517.20%22.72%8.35%20.96%
Feb. 202516.64%20.53%7.70%20.83%
Mar. 202518.68%20.63%7.56%20.04%
Apr. 202516.71%19.22%7.52%19.16%
May 202517.98%19.29%7.47%19.25%
Jun. 202516.67%19.02%7.47%18.58%
Jul. 202515.63%18.52%7.46%17.29%
Aug. 202514.61%17.77%7.58%15.57%
Sep. 202516.09%17.23%8.03%15.32%
Oct. 202515.32%16.86%8.24%15.27%
Nov. 202514.04%16.63%7.93%15.20%
Dec. 202513.75%14.71%7.59%15.25%
Jan. 202615.58%16.46%7.64%14.58%
Feb. 202614.60%19.45%9.99%14.14%
Mar. 202614.17%19.82%10.04%13.60%
Apr. 202612.22%19.48%10.27%13.24%
May 202611.54%19.45%10.18%12.84%
Jun. 202612.85%17.89%8.95%12.95%
Jul. 202612.87%19.28%10.52%12.81%
Aug. 202612.98%18.65%10.08%12.84%
Sep. 202612.15%16.55%8.61%12.83%

Loans granted to households each month

Amount of rouble loans granted to individuals in the month, in billions of roubles.

Source:Bank of Russia

Show the chart data
PeriodLoans to households
Jan. 2019898bn roubles
Feb. 2019980bn roubles
Mar. 20191,114bn roubles
Apr. 20191,203bn roubles
May 20191,076bn roubles
Jun. 20191,115bn roubles
Jul. 20191,191bn roubles
Aug. 20191,226bn roubles
Sep. 20191,254bn roubles
Oct. 20191,268bn roubles
Nov. 20191,236bn roubles
Dec. 20191,446bn roubles
Jan. 20201,052bn roubles
Feb. 20201,170bn roubles
Mar. 20201,394bn roubles
Apr. 2020745bn roubles
May 2020847bn roubles
Jun. 20201,150bn roubles
Jul. 20201,347bn roubles
Aug. 20201,434bn roubles
Sep. 20201,525bn roubles
Oct. 20201,566bn roubles
Nov. 20201,555bn roubles
Dec. 20201,700bn roubles
Jan. 20211,162bn roubles
Feb. 20211,393bn roubles
Mar. 20211,742bn roubles
Apr. 20211,828bn roubles
May 20211,666bn roubles
Jun. 20211,846bn roubles
Jul. 20211,716bn roubles
Aug. 20211,806bn roubles
Sep. 20211,809bn roubles
Oct. 20211,796bn roubles
Nov. 20211,846bn roubles
Dec. 20212,060bn roubles
Jan. 20221,455bn roubles
Feb. 20221,692bn roubles
Mar. 20221,298bn roubles
Apr. 2022859bn roubles
May 2022986bn roubles
Jun. 20221,277bn roubles
Jul. 20221,472bn roubles
Aug. 20221,705bn roubles
Sep. 20221,735bn roubles
Oct. 20221,624bn roubles
Nov. 20221,758bn roubles
Dec. 20222,096bn roubles
Jan. 20231,401bn roubles
Feb. 20231,606bn roubles
Mar. 20232,061bn roubles
Apr. 20232,008bn roubles
May 20232,143bn roubles
Jun. 20232,202bn roubles
Jul. 20232,309bn roubles
Aug. 20232,653bn roubles
Sep. 20232,577bn roubles
Oct. 20232,435bn roubles
Nov. 20232,328bn roubles
Dec. 20232,412bn roubles
Jan. 20241,715bn roubles
Feb. 20241,954bn roubles
Mar. 20242,423bn roubles
Apr. 20242,449bn roubles
May 20242,711bn roubles
Jun. 20242,995bn roubles
Jul. 20242,330bn roubles
Aug. 20242,285bn roubles
Sep. 20242,131bn roubles
Oct. 20241,977bn roubles
Nov. 20241,718bn roubles
Dec. 20242,112bn roubles
Jan. 20251,387bn roubles
Feb. 20251,490bn roubles
Mar. 20251,705bn roubles
Apr. 20251,715bn roubles
May 20251,762bn roubles
Jun. 20251,816bn roubles
Jul. 20251,971bn roubles
Aug. 20252,085bn roubles
Sep. 20252,042bn roubles
Oct. 20252,219bn roubles
Nov. 20252,170bn roubles
Dec. 20252,562bn roubles
Jan. 20261,867bn roubles
Feb. 20261,788bn roubles
Mar. 20262,139bn roubles
Apr. 20262,103bn roubles
May 20262,180bn roubles
Jun. 20262,363bn roubles
Jul. 20262,279bn roubles
Aug. 20262,337bn roubles
Sep. 20262,492bn roubles

3. The rouble

The rouble fell in 2014 and then at the start of the war in Ukraine, before recovering. The official rate says nothing about the conditions of access to foreign currency, restricted since 2022.

Average dollar rate in roubles

Monthly average of the official rate, in roubles per dollar. A rise means a weaker rouble.

Source:Bank of Russia

Show the chart data
PeriodDollar in roubles
Jan. 201433.46 roubles
Feb. 201435.22 roubles
Mar. 201436.21 roubles
Apr. 201435.66 roubles
May 201434.93 roubles
Jun. 201434.41 roubles
Jul. 201434.64 roubles
Aug. 201436.11 roubles
Sep. 201437.87 roubles
Oct. 201440.76 roubles
Nov. 201445.86 roubles
Dec. 201455.41 roubles
Jan. 201561.70 roubles
Feb. 201564.63 roubles
Mar. 201560.23 roubles
Apr. 201552.87 roubles
May 201550.58 roubles
Jun. 201554.50 roubles
Jul. 201557.07 roubles
Aug. 201565.15 roubles
Sep. 201566.77 roubles
Oct. 201563.07 roubles
Nov. 201565.03 roubles
Dec. 201569.66 roubles
Jan. 201676.25 roubles
Feb. 201677.22 roubles
Mar. 201670.47 roubles
Apr. 201666.68 roubles
May 201665.66 roubles
Jun. 201665.31 roubles
Jul. 201664.33 roubles
Aug. 201664.92 roubles
Sep. 201664.60 roubles
Oct. 201662.68 roubles
Nov. 201664.36 roubles
Dec. 201662.18 roubles
Jan. 201759.96 roubles
Feb. 201758.39 roubles
Mar. 201758.10 roubles
Apr. 201756.43 roubles
May 201757.17 roubles
Jun. 201757.82 roubles
Jul. 201759.67 roubles
Aug. 201759.65 roubles
Sep. 201757.69 roubles
Oct. 201757.73 roubles
Nov. 201758.92 roubles
Dec. 201758.59 roubles
Jan. 201856.78 roubles
Feb. 201856.81 roubles
Mar. 201857.03 roubles
Apr. 201860.43 roubles
May 201862.21 roubles
Jun. 201862.71 roubles
Jul. 201862.88 roubles
Aug. 201866.09 roubles
Sep. 201867.65 roubles
Oct. 201865.89 roubles
Nov. 201866.24 roubles
Dec. 201867.30 roubles
Jan. 201967.33 roubles
Feb. 201965.86 roubles
Mar. 201965.14 roubles
Apr. 201964.62 roubles
May 201964.82 roubles
Jun. 201964.22 roubles
Jul. 201963.20 roubles
Aug. 201965.53 roubles
Sep. 201964.98 roubles
Oct. 201964.35 roubles
Nov. 201963.87 roubles
Dec. 201962.94 roubles
Jan. 202061.78 roubles
Feb. 202063.88 roubles
Mar. 202073.15 roubles
Apr. 202075.22 roubles
May 202072.61 roubles
Jun. 202069.22 roubles
Jul. 202071.28 roubles
Aug. 202073.80 roubles
Sep. 202075.65 roubles
Oct. 202077.59 roubles
Nov. 202077.03 roubles
Dec. 202074.05 roubles
Jan. 202174.22 roubles
Feb. 202174.38 roubles
Mar. 202174.41 roubles
Apr. 202176.09 roubles
May 202174.04 roubles
Jun. 202172.51 roubles
Jul. 202173.92 roubles
Aug. 202173.59 roubles
Sep. 202172.89 roubles
Oct. 202171.49 roubles
Nov. 202172.59 roubles
Dec. 202173.72 roubles
Jan. 202275.87 roubles
Feb. 202277.34 roubles
Mar. 2022103.68 roubles
Apr. 202277.81 roubles
May 202264.64 roubles
Jun. 202257.18 roubles
Jul. 202258.08 roubles
Aug. 202260.35 roubles
Sep. 202259.79 roubles
Oct. 202260.86 roubles
Nov. 202260.87 roubles
Dec. 202265.34 roubles
Jan. 202369.23 roubles
Feb. 202373.00 roubles
Mar. 202376.08 roubles
Apr. 202380.88 roubles
May 202378.94 roubles
Jun. 202383.15 roubles
Jul. 202390.42 roubles
Aug. 202395.26 roubles
Sep. 202396.65 roubles
Oct. 202397.01 roubles
Nov. 202390.57 roubles
Dec. 202390.76 roubles
Jan. 202488.98 roubles
Feb. 202491.61 roubles
Mar. 202491.69 roubles
Apr. 202492.89 roubles
May 202490.87 roubles
Jun. 202488.05 roubles
Jul. 202487.40 roubles
Aug. 202488.97 roubles
Sep. 202491.30 roubles
Oct. 202496.11 roubles
Nov. 2024100.31 roubles
Dec. 2024102.45 roubles
Jan. 2025100.85 roubles
Feb. 202592.82 roubles
Mar. 202586.07 roubles
Apr. 202583.30 roubles
May 202580.46 roubles
Jun. 202578.72 roubles
Jul. 202578.73 roubles
Aug. 202580.16 roubles
Sep. 202582.96 roubles
Oct. 202581.00 roubles
Nov. 202580.34 roubles
Dec. 202578.42 roubles
Jan. 202677.56 roubles
Feb. 202676.85 roubles
Mar. 202680.39 roubles
Apr. 202676.91 roubles
May 202672.99 roubles
Jun. 202673.52 roubles
Jul. 202677.80 roubles
Aug. 202683.08 roubles
Sep. 202685.03 roubles
Oct. 202683.00 roubles

4. Growth and inflation over the long run

Over twenty-five years, the years of high inflation coincide with shocks (2008, 2014-2015, 2022). Growth slowed sharply in 2025 (1.0%), with average inflation of 8.7%.

GDP growth and average inflation, by year

IMF World Economic Outlook: actual years only, no forecast.

  • Average inflation
  • GDP growth

Source:IMF

Show the chart data
PeriodGDP growthAverage inflation
200010.1%20.8%
20015.1%21.5%
20024.7%15.8%
20037.4%13.7%
20047.1%10.9%
20056.4%12.7%
20068.2%9.7%
20078.6%9.0%
20085.2%14.1%
2009−7.8%11.6%
20104.5%6.8%
20114.0%8.4%
20124.0%5.1%
20131.8%6.8%
20140.7%7.8%
2015−2.0%15.5%
20160.2%7.0%
20171.8%3.7%
20182.8%2.9%
20192.2%4.5%
2020−2.7%3.4%
20215.9%6.7%
2022−1.4%13.8%
20234.1%5.9%
20244.9%8.4%
20251.0%8.7%

What we know, what we don’t

What the figures establish

  • The key rate hit a record in autumn 2024 and has been falling since 2025.
  • Inflation has fallen but remains above the 4% target.
  • Real rates are very high, and mortgage lending depends on subsidised programmes.

What they don’t tell

  • The effect of the January 2026 VAT rise on prices: these series do not isolate it.
  • The inflation households actually experience: the quality of Russian official statistics is debated.
  • What monetary policy will do next: this dossier uses no forecast.

Stay up to date

This dossier is updated at least once a quarter with the new figures. Follow it to get a notification at each update.

Sources

Series downloaded from their producers on Nov 12, 2026, the snapshot date. Only published periods are used: no projection.

  • Bank of Russia Inflation and key rate (monthly table)
  • Bank of Russia Interest rate statistics: lending and deposit rates (data service)
  • Bank of Russia Lending statistics: loans granted to households (data service)
  • Bank of Russia Average nominal exchange rate of the US dollar against the rouble (data service)
  • IMF World Economic Outlook (actual years only): real GDP growth, inflation