Russia's inflation may slow to 4pc target by year-end

MOSCOW: Russia's annual inflation has already reached its peak and is seen slowing to the 4% target by the end of this year from 5.7% in March, Economy Minister Maksim Reshetnikov said on Thursday.

An increase in the inflation reading, which was driven by a depreciation of the rouble, prompted the central bank to raise rates this month.

The central bank is now expected to tighten its monetary policy further later this year to rein in a rise in consumer prices.