The S&P Global Russia Services PMI fell to 51.3 in February 2026 from 53.1 in January, signaling a modest upturn in business activity at the slowest pace in five months. New orders continued to rise for the fourth consecutive month, supported by steady customer demand, but growth slowed to its weakest since November 2025. Meanwhile, service sector employment fell for the second time in three months, although job losses were only fractional, with many firms citing voluntary leavers who were not replaced. On the price front, input costs rose sharply in February. While easing from January’s VAT-driven highs, inflation remained the second-fastest since January 2025, driven by higher fuel and utility prices. Output charges also increased steeply, marking the second-fastest rise since October 2023. Looking ahead, business confidence slipped to its lowest level since December 2022, as higher costs weighed on growth expectations despite continued optimism about demand.
