Of the major developed and emerging economies, China was the only one to register deflation at -0.3 percent in September 2025. On the other end of the spectrum, the inflation rate in Russia stood at eight percent. The country's inflation rate increased sharply after the country's President, Vladimir Putin, decided to invade Ukraine, declined somewhat in 2023, before increasing slowly again since. The rate of inflation reflects changes in the cost of a specified basket containing a representative selection of goods and services. It is derived from the consumer price index (CPI).