Annual inflation in Russia may reach its peak values in the second quarter of this year, Central Bank chief Elvira Nabiullina said at the press conference after the regulator’s Board meeting, Paralel.Az reports citing TASS.

"In annual terms, the inflation peak may be in the second quarter of this year. However, considering that annual inflation is inflation for twelve preceding months and base effects are recognized there, then, in our opinion, the peak of current inflation, current inflation pressure was already passed," she noted.

The Bank of Russia once again decided to maintain the key rate at 16% per annum at its second meeting in 2024, the regulator said in its press release earlier today.