Overview
- Elvira Nabiullina told the State Duma that cutting the key rate to 3–4% in current conditions could pave the way to hyperinflation and would not support growth.
- She said many Russians view high inflation as an "unfair tax" that falls hardest on people with low incomes.
- She described Russia’s path to lower inflation as long and non-linear, invoking the 1990s as a warning against destabilizing policy shifts.
- Official data show annual inflation easing to 7.98% in September from 8.14% in August and 8.79% in July, aligning with recent moderation.
- The Bank of Russia forecasts 6.5–7% inflation for 2025 and 4–5% for 2026, while the finance ministry says funds are fully allocated to index social payments.