The Bank of Russia’s Board of Directors held the key rate at 14.00% per annum on 11 September 2026. The central bank said the economy was growing at a moderate pace in the third quarter, while current price pressures had increased significantly in recent months. It estimated underlying price growth at 5–6% in annualised terms and attributed the acceleration mainly to a temporary reduction in production capacity in some sectors.

The Bank’s baseline scenario puts annual inflation at 6.0–7.0% in 2026 and 4.0% in 2027; these are projections, not reported outcomes. The release said seasonally adjusted current price growth reached 11.6% at an annualised rate in July, compared with an average of 5.3% in the second quarter. The Bank expects underlying inflation to resume declining as temporary effects fade and aggregate demand grows moderately.