Russia records first weekly deflation in eight months as food prices tumble
Russia has seen its first weekly deflation in over eight months, with prices dropping slightly between April 28 and May 4. The consumer price index fell to 99.98%, marking a 0.02% decrease from the previous week. This shift follows months of rising costs, including a 3.19% increase in prices since January. The latest data shows a small but notable change in Russia’s inflation trend. For the week of April 28 to May 4, overall prices dipped by 0.02%, reversing the 0.05% inflation recorded the week before. The decline was driven mainly by food prices, which fell by 0.3%, with fruits and vegetables dropping the most at 2.66%.
Tomatoes and cucumbers saw significant price cuts. Tomato prices fell by 7.5% compared to the previous week, though they remain 30.1% higher than at the start of the year. Cucumber prices dropped even more sharply, down 11.6% week-on-week and nearly 33% since January. Non-food goods, however, stayed almost unchanged, rising by just 0.01%. Despite the weekly deflation, broader inflation remains a concern. Annual inflation currently stands at 5.6%, with prices up 3.19% since January. The Central Bank of Russia expects this figure to ease, forecasting a decline to 4.5–5.5% in 2026 and a stabilisation at 4% by 2027 and beyond.
The recent deflation offers a brief respite after months of rising costs. While food prices, particularly for vegetables, have fallen sharply in the short term, overall inflation remains above target. The Central Bank’s projections suggest a gradual return to lower, more stable rates over the next few years.
