Key facts
- Russian household inflation expectations declined to 12.4% in June.
- This is a decrease from 13.0% recorded in May.
- The survey was conducted by inFOM at the request of the Central Bank of Russia.
- Household and business inflation expectations are key factors in the Central Bank's monetary policy decisions.
Russia's central bank announced that household inflation expectations fell to 12.4% in June, a decrease from 13.0% in May. This figure is a significant indicator for the central bank's monetary policy decisions.
Previous surveys indicated fluctuating expectations. In March 2026, household inflation expectations had risen to 13.4%, returning to the level seen in May 2025. Observed inflation also saw a sharp increase in March to 15.6%. Earlier in February 2026, expectations had fallen to 13.1%, a level last seen in April 2025, with observed inflation remaining stable at 14.5% for four consecutive months.
According to Kirill Tremasov, an advisor to the central bank governor, household inflation expectations have largely remained stable between 13% and 14% over the past year and a half, with fluctuations of only a few tenths. Alexei Zabotkin, Deputy Governor of the Central Bank, previously stated that one-time factors influencing January's inflation would be exhausted early in the year and would not lead to secondary effects on inflation expectations.