Russian household inflation expectations in Jan remain at previous month's level of 13.7% - CBR survey
MOSCOW. Jan 27 (Interfax) - Russian household inflation expectations are unchanged in January 2026 at 13.7%, according to an operational report based on the results of a survey by inFOM that was conducted on behalf of the Central Bank of Russia.
It was previously reported that in December 2025, inflation expectations returned to the February 2025 level of 13.7%.
Inflation expectations in 2025 were highest in January, at 14.0%. They were 13.7% in February 2025, 12.9% in March, 13.1% in April, 13.4% in May, 13% in June and July, 13.5% in August, 12.6% in September and October and 13.3% in November. Expectations remained unchanged twice last year, in July and October.
Observed inflation in January 2026 remains at 14.5% for the third consecutive month, as in December and November 2025, and close to the September 2024 level of 14.4%.
The latest survey was carried out from January 12-21.
Inflation expectations among respondents without savings have risen to 15.2% in January from 14.6% in December, while among respondents with savings they have fallen to 12.0% from 12.3%.
Observed inflation among respondents without savings has risen to 15.9% from 15.6%, while among respondents with savings it has risen to 13.2% from 13.1%.
Household and business inflation expectations are key factors in the Central Bank's monetary-policy decision making. The regulator's next rate-setting meeting tales place on February 13.
The Central Bank has said Russian business price expectations increased for the fourth month in a row in January, rising above the levels seen at the end of 2024 to their highest since April 2022. Businesses link the higher price expectations partly to the increase in the tax burden from January 2026, the CBR said.
"Elevated and unanchored business inflation expectations indicate that pro-inflationary risks persist. The Bank of Russia will reflect this factor in its monetary policy decisions," the regulator said.
