Peak inflationary pressure passed in Jan; speed of decline in inflationary expectations important for monetary policy - Central Bank of Russia

MOSCOW. Feb 13 (Interfax) - Peak inflationary pressure passed in January, and the Central Bank of Russia hopes that inflation expectations have also peaked, though the speed of the decline is what is important, Central Bank Governor Elvira Nabiullina said.

"Inflationary pressure, in our view, did indeed peak in January. If talking about sustainable inflation, then we believe that it peaked in December 2024. Regarding the peak of inflationary expectations, we will be monitoring this closely. I have already said that the effect of tax increases could still affect inflationary expectations, though we believe that the secondary effect is limited. We hope that the peak of inflationary expectations has also passed, though the speed of the decline is what is important to us, as these remain high and were rather elevated throughout last year," Nabiullina said on Friday at a press conference.