Business · Economy · 11 hrs ago
Russia’s central bank aims to end prolonged period of high inflation
Russia’s central bank wants to end prolonged high inflation, deputy governor Alexei Zabotkin told the State Duma.
He made the remarks while discussing the bank’s monetary policy plans for 2027–2029.
The bank says a smaller federal budget deficit is needed to lower its key rate in 2027, because government spending affects demand and its rate decisions.
Zabotkin has said that, if inflation stabilizes at its target, the average key rate in 2027 would be 10.5% to 12.5%.
Rosstat reported that consumer prices rose 0.96% from September 29 to October 5, up from 0.12% the previous week.
The comments set out the bank’s goal and policy considerations, but do not announce a new rate decision.
Russia’s central bank aims to end what it calls a prolonged period of high inflation, Deputy Governor Alexei Zabotkin said.
He made the remarks in the State Duma during a presentation on monetary policy for 2027–2029.
Zabotkin said on October 12 that reducing the federal budget deficit was needed to lower the key rate in 2027.
He said on October 5 that stabilising inflation at the target level would imply an average key rate of 10.5% to 12.5% in 2027.
Consumer prices in Russia rose 0.96% from September 29 to October 5, compared with 0.12% the previous week, according to Rosstat.
- Who
- Russia’s central bank and its Deputy Governor Alexei Zabotkin.
- What
- The central bank aims to end a prolonged period of high inflation.
- When
- Zabotkin made the remarks in a speech reported on October 13, 2026.
- Where
- In the State Duma.
- Why
- The central bank aims to bring inflation to its target level.
This story does not have two clearly opposing sides.
Consumer prices in Russia rose 0.96%, compared with 0.12% the previous week.
Zabotkin said stabilising inflation at the target level would imply an average key rate of 10.5% to 12.5% in 2027.
Zabotkin said reducing the federal budget deficit was needed to lower the key rate in 2027.
Zabotkin told the State Duma that the central bank aimed to end the prolonged period of high inflation.
- Speaker
- Alexei Zabotkin, Deputy Governor of the Bank of Russia
- Policy period
- 2027–2029
- Average key rate in 2027
- 10.5%–12.5%
- Consumer price rise
- 0.96% from September 29 to October 5
- Previous week’s price rise
- 0.12%
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What people are saying
The Bank of Russia seeks to bring this already prolonged episode of high inflation to an end.