Russia’s consumer prices rose by 0.04% week on week between June 10 and 16, compared with 0.03% w/w the previous week, according to the latest data from RosStat. (chart)

Annual inflation as of June 16 thus amounted to 9.6% year on year, down from 9.9% y/y seen in May, according to the estimates by the Ministry of Economic Development.

This is in line with the latest weekly inflation data that showed price growth continuing to slowly moderate.

As followed closely by bne IntelliNews, the board of the Central Bank of Russia (CBR) resolved to cut the key interest policy rate from 21% by 100 basis points to 20% at the policy meeting of June 6, the CBR said in a press release. (chart)

The key interest rate has stayed at a record-high 21% since October 2024.

Renaissance Capital expects the disinflation trend to support a 100 basis points cut in the CBR's key rate to 19% at its next policy meeting of July 25. However, any shift in external conditions or inflation dynamics following the July tariff hikes could alter this outlook, the analysts warn.