Cbank department says Russia's inflation to peak in February

MOSCOW, Feb 2 (PRIME) -- Russia's annual inflation will continue to accelerate reaching a peak in February, the central bank's forecasting department said in a statement late on Monday.

"Annual inflation will continue to accelerate at the start of 2021 and will probably reach the peak in February, after which it will start to decrease on the back of a simultaneous fall of a monthly price growth and a high base effect of 2020," the analysts said.

According to the statement, the effect of ruble weakening lessening will start in March, causing a decline in price growth.

Inflation is forecasted to decrease to 3.5–4.0% by the end of 2021, the central bank said. According to the Federal State Statistics Service, inflation is estimated at 5.1% in the middle of January. 

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