(Reuters) -Russia recorded a slight rise in weekly consumer prices, data showed on Wednesday, a little over a week before the central bank is widely expected to keep interest rates on hold at its first meeting of the year.
The consumer price index rose 0.21% in the week to Jan. 30, the Rosstat federal statistics service said, up from a 0.14% rise a week earlier. So far this year, prices are up 0.74%.
Analysts and economists polled by Reuters expect the Bank of Russia to hold its key rate at 7.5% next week as inflation remains above the 4% target.
The central bank aims to return inflation to target by 2024. It has forecast inflation to fall to 5% to 7% this year.
Separately, the economy ministry said annual inflation had been running at 11.50%, almost unchanged from a week earlier.
Inflation in Russia has remained subdued in recent months due to weak consumer demand, which has been exacerbated by Russia’s military mobilisation campaign.
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Annual inflation for 2022 came in at 11.9%. Economy Minister Maxim Reshetnikov said this month he saw inflation falling substantially by the end of the first quarter, with the second quarter figure below the 4% target.
(Reporting by Alexander Marrow and Darya Korsunskaya; Editing by Alex Richardson)