Consumer inflation in Russia, which is on the rise as it still feels the impact of the 2020 ruble weakening, is likely to peak in February and slow from March, according to the central bank analysts. Inflation stood at 5.3 percent as of Jan. 25, above the bank’s 4 percent target. The bank’s next rate-setting meeting is on Feb. 12. The central bank slashed its key interest rate to a record low of 4.25 percent in 2020 to limit the economic contraction amid the COVID-19 crisis and low oil prices. Higher inflation limits room for further cuts.
