Russia’s central bank said on Monday that a decline in inflation expectations stopped in February.

The bank cited a survey by the inFOM agency as showing that expected inflation levels for the next 12 months rose by 1.4 percentage points to 12.9 per cent, after falling for two months in a row.

“In this way, the volatility of inflation expectations, which grew in the second half of 2016, remains,” the central bank said in a statement. It added that elevated and volatile inflation expectations call for maintaining moderately tight monetary policy. The central bank kept its key rate unchanged at 10 per cent last month. Its next monetary policy meeting is due on March 24. (Reuters)