Consumer inflation in Russia accelerated in January but fell short of a Reuters consensus forecast, data showed on Wednesday, underpinning market expectations that the central bank is unlikely to raise interest rates this week, Reuters reports.
Russia's consumer price index (CPI) rose 5.0 percent in January year-on-year after climbing 4.3 percent in the previous month, data from the Federal Statistics Service showed. Analysts and economists polled by Reuters had predicted a 5.2 percent increase in CPI in January.
Growth in consumer prices, the central bank's main remit, was widely expected to speed up this year because of a planned increase in value-added tax and the pass-through effect of the weaker rouble. The increase in annual inflation is so far below the central bank's assumption that it could reach up to 6 percent in the first quarter.
The bank, which raised rates twice last year in a preemptive step to counter risks of higher inflation, is widely expected to keep its key interest rate on hold at 7.75 percent at its next board meeting on Friday.
