Central Bank thinks inflation in Russia has peaked

The Central Bank of Russia thinks inflation in the country may have peaked.

"Inflation has started to slow, we see that we have got through November better than last year. And we are not ruling out that inflation has peaked," Central Bank Deputy Chairman Sergei Shvetsov told reporters.

The CBR sees that inflation has started to fall and "so far sees no factors that would stoke inflation," he said.

When asked what effect the CRB's September decision to raise interest rates a quarter-percent had, Shvetsov said this was preemptive in nature and designed to forestall inflationary expectations. Now the CBR sees that inflation has started to fall.

If the CBR's opinion that inflation has peaked proves correct, "then this will be one policy. If the data prove otherwise, there'll be a different policy," he said.

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