2025年8月，俄罗斯生产者价格指数较上年上涨0.4%，从前一个月0.3%的跌幅反弹，创下四个月来最高通胀率。生产商在短暂的通缩背景下停滞不前，与此同时，俄罗斯央行指出，俄罗斯经济中通胀的上行风险持续存在，而基数效应开始减弱。电力、天然气和蒸汽供应的通货膨胀率上升（13.9%对7月份的14.2%），采矿产品的通货紧缩放缓（-14.2%对-14.9%）。反过来，制造业的价格增长有所放缓（1.9%对2.4%）。与上月相比，生产者价格指数上涨1.1%，为一年来最大涨幅。

Producer prices in Russia rose by 0.4% from the previous year in August of 2025, rebounding from the 0.3% drop in the previous month to mark the sharpest inflation rate in four months. The halt in the brief deflationary backdrop for producers was coincided with the Bank of Russia's note that upside risks to inflation persist in the Russian economy, while base effects started to wane. Inflation picked up for the provision of electricity, gas, and steam (13.9% vs 14.2% in July) and deflation slowed for mined goods (-14.2% vs -14.9%). In turn, price growth eased for manufacturing (1.9% vs 2.4%). From the previous month, producer prices rose by 1.1%, the most in one year.

俄罗斯普京表示，降低通胀的措施正在发挥作用，但增长需要发挥作用。俄罗斯总统弗拉基米尔·普京周一在一次政府会议上表示，降低通胀的措施正在发挥作用，但质疑是否需要采取更多措施来促进经济增长。

Russia's Putin says measures to reduce inflation are working, but growth needs work.Russian President Vladimir Putin told a government meeting on Monday that measures to reduce inflation were working, but questioned whether more needed to be done to boost growth.

俄罗斯的Nabiullina谈利率、经济和预算。俄罗斯央行行长Elvira Nabiullina和她的副手Alexei Zabotkin在周五的新闻发布会上发表讲话，此前央行将关键利率从18%降至17%。

Russia's Nabiullina on rates, economy and the budget.Russian Central Bank Governor Elvira Nabiullina and her deputy Alexei Zabotkin addressed a news conference on Friday after the central bank cut its key rate to 17% from 18%.

周五，俄罗斯卢布兑美元汇率从盘中早些时候触及的五个月低点85飙升至82。央行将基准利率下调100个基点至17%，与今年早些时候CBR下调增长预测200个基点的预期形成鲜明对比。货币政策制定者强调，通胀预期仍然很高，劳动力市场仍然紧张，需要对削减周期保持谨慎。今年，卢布得到了克里姆林宫资本管制的支持，克里姆林宫的公司出售了40%的出口收益，尽管克里姆林宫表示，公司出售了70%的收益。尽管如此，由于对增长的担忧和出口疲软，人民币仍低于今年76的峰值。国际能源署表示，8月份石油和燃料出口收入下降，原因是中国需求疲软，印度面临美国关税的不利影响。

The Russian ruble surged past 82 per USD on Friday from the five-month low of 85 touched earlier in the session amid a hawkish pivot by the Bank of Russia. The central bank cut its benchmark rate by 100bps to 17%, contrasting from expectations of a 200bps cut despite the downward revision to growth forecasts by the CBR earlier this year. Monetary policymakers stressed that inflation expectations remained elevated and that labor markets remained tight, warranting caution on the cutting cycle. The ruble had been supported this year by capital controls by the Kremlin, which has companies selling 40% of export proceeds, although the Kremlin has stated that firms are selling 70% of their earnings. Still, the currency holds weaker than this year's peak of 76 on growth concerns and softer exports. Oil and fuel export revenues sank in August, according to the IEA, amid softer demand from China and headwinds from India as they face tariffs from the US.