Russian Consumer Prices Update

MOSCOW (Reuters) – Russian consumer prices rose by 0.23% in the week to February 10, bringing price growth to 1.53% since the start of the year. This is slightly lower than 1.55% during the same period last year.

The central bank of Russia will hold its rate-setting meeting on February 14. Analysts expect the bank to maintain its key benchmark rate at 21%, the highest level since the early 2000s.

The central bank anticipates inflation to decrease to 4.5%-5.0% this year due to tight monetary policy, down from 9.5% in 2024. However, the weekly data indicates that prices are growing at a rate surpassing the central bank’s forecast.