MOSCOW, April 14 (Reuters) - Inflation in Russia is likely to fall from its 5.8% peak in April, but a further slowdown could be gradual, the central bank said in a report on Wednesday.
The bank said upward pressure on consumer prices was persisting due to rising costs. Russia’s consumer price index (CPI) hit its highest since late 2016 in March.
Rising inflation and high inflationary expectations prompted the central bank to embark on a monetary tightening cycle last month, raising its key rate to 4.5%.
The next interest rate-setting meeting is on April 23. (Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; Editing by Hugh Lawson)