November 6, 2019 / 11:49 AM / 6 days ago

Russia c.bank: inflation seen at 3% in Jan, picking up to 4% by end-2020

MOSCOW, Nov 6 (Reuters) - Consumer inflation in Russia is seen slowing to 3% year on year in January before picking up to the central bank’s target level of 4% by the end of 2020, it said on Wednesday.

In a monthly report on economic trends, the central bank also said annual inflation was seen at 3.7-3.8% in October.

Inflation, the bank’s main area of responsibility, determines the bank’s monetary policy and thus the cost of money in the economy. The bank has recently cut its key interest rate to 6.5% and hinted more cuts were likely in the future. (Reporting by Andrey Ostroukh; editing by John Stonestreet)

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