Annual inflation in Russia peaked in July, will fall to 4% target in 2026 - Econ Minister

MOSCOW. Sept 24 (Interfax) - Annual inflation in Russia peaked in July, is now slowing and will fall to the target level of 4% in 2026, Economic Development Minister Maxim Reshetnikov said, presenting the revised macroeconomic forecast for 2024-2027 at a government meeting.

"Inflation has started to slow after peaking in early July. Inflation will continue to slow in 2025, and we will reach the target level in 2026," he said.

Annual inflation was 9.13% in July, slowing to 9.05% in August and falling below 9% in September.

The Russian Economic Development Ministry has raised its inflation forecast for 2024 to 7.3% from the 5.1% it was expecting in April. The forecast for 2025 is 4.4% and that for 2026 and 2027 is 4%.