The Russian Central Bank said in a statement on Friday, that if inflation risks increase in the country, it will study the need to raise the basic interest rate during its next meetings.

Given the current financial situation in the country, the Russian Central Bank expects the inflation rate to range between 5% and 7% in 2023, and to return to 4% in 2024.

Bloomberg News reported that the rate of price increase eased in February compared to the previous month, in part because of the volatile component prices.

The Russian Central bank expects the annual inflation rate to drop temporarily to less than 4% in the coming months.

This’s in light of the high inflation rates recorded during the same period last year.

Bloomberg reported that inflation risks in the medium term in Russia have not changed significantly, although they remain heading towards higher prices.

The Russian Central Bank will hold its next meeting to consider raising interest rates on April 28.

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