Russian econ ministry sees 7.3-7.4pc inflation in February

MOSCOW: Russia's annual consumer price inflation will rise to between 7.3 and 7.4 percent in February from 7.1 percent in January, the Economy Ministry forecast in its weekly economic monitoring report on Monday.

The ministry predicted that monthly inflation would be between 0.6 and 0.7 percent, down from 1.0 percent in January. It said that food price inflation remains high, boosted by higher grain prices, and that petrol prices would rise more quickly in February.

The forecast comes a day before a Russian central bank meeting on interest rates. It is expected to leave borrowing costs on hold given concerns over inflation that is currently running above the bank's 5-6 percent target range for the year.

Last week Deputy Central Bank Chairman Alexei Ulyukayev said he expected inflation to moderate from March allowing the central bank to hit its target range in the second quarter.