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According to the bank's forecast, annual inflation in Russia will decrease to 5-7 percent in 2023 and further decline to 4 percent in 2024 given the current monetary policy.
Russia's central bank decided on Friday to keep its key interest rate at 7.5 percent per annum.
The bank said in a statement that "current price growth rates were increasing," while "inflation expectations of households and businesses edged down but remain elevated."
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It added that accelerated fiscal spending, deteriorating foreign trade conditions, and the situation in the labor market had intensified pro-inflation risks.
According to the bank's forecast, annual inflation in Russia will decrease to 5-7 percent in 2023 and further decline to 4 percent in 2024 given the current monetary policy.
Russia drastically raised the key interest rate from 9.5 percent to 20 percent on Feb. 28 last year to support financial and price stability and protect citizens' savings from depreciation, days after it launched a special military operation in Ukraine.
Russia has slashed the rate several times since April, and lowered it to 7.5 percent in September. The central bank will hold its next meeting on the key interest rate on March 17, 2023.
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