Stagflation risks in Russia persist as growth slows and inflation remains elevated.
Russian President Vladimir Putin in the Kremlin in Moscow on Sept. 26, 2025. Ramil Sitdikov/AFP via Getty Images
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Manufacturing activity in Russia contracted for the fourth consecutive month in September, according to new data from S&P Global released on Oct. 1.
The S&P Global Russia Manufacturing Purchasing Managers’ Index (PMI)—a monthly measure of the sector’s prevailing economic direction—weakened to 48.2 in September from the three-month high of 48.7 recorded in August.
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of “The War on Cash.”
