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Russia's Inflation Stabilizes at 8%, Targets 4% by 2026

Inflation in Russia is falling faster than expected. The country aims to reach its 4% target earlier than global peers.

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Russia's Inflation Stabilizes at 8%, Targets 4% by 2026

Russia's inflation is showing signs of stabilization, with President Vladimir Putin announcing a faster-than-expected decrease on September 15. The annual inflation rate stood at 8% in September, a significant drop from the 10.3% recorded in March.

At the Valdai discussion club meeting on October 1, Deputy Prime Minister Alexander Novak provided further insights. He reported that the Economic Development Ministry and the Central Bank of Russia now forecast inflation to return to and stabilize around the 4.0% target by the end of 2026, with an expected rate of about 4.7% at the close of that year. By 2028, inflation is projected to reach the 4.0% target.

Novak attributed this positive trend to the balanced policy of the Central Bank of Russia and the government. He also forecast stable economic growth rates for Russia by 2026-2027, matching average global growth.

While global inflation is expected to stabilize at 6-7% by the end of 2025 and 4% by the end of 2026, Russia's inflation is projected to reach these levels earlier, thanks to its domestic policies. This should provide a stable economic environment for Russia in the coming years.

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