Real key rate versus current inflation
REAL_RATE_CURRENT · Monetary policy
Key rate less the current inflation impulse (CPI 3m SAAR), percentage points.
Latest value
6.16% p.a.
Period August 2026 · Published Sep 12, 2026, 01:00 PM MSK
How to read it
How tight policy is against the inflation actually running now. A positive value means the rate is above the current pace of prices. It is a noisy series, inheriting revisions to the seasonal adjustment.
How it is measured
End-of-month key rate minus CPI 3m SAAR for the same month. Calculated here; the Bank of Russia does not publish it.
History
| Date | Value | |
|---|---|---|
| August 2026 | 6.16% p.a. | |
| July 2026 | 7.33% p.a. | |
| June 2026 | 9.41% p.a. | |
| May 2026 | 11.44% p.a. | |
| April 2026 | 9.14% p.a. | |
| March 2026 | 4.06% p.a. | |
| February 2026 | 6.53% p.a. | |
| January 2026 | 8.60% p.a. | |
| December 2025 | 12.51% p.a. | |
| November 2025 | 10.79% p.a. | |
| October 2025 | 11.97% p.a. | |
| September 2025 | 11.90% p.a. |