"We have quite a positive outlook on inflation. I think that stabilization in yearly terms is likely to take place in May, and a fall to 6.3-6.5 percent by the end of the year," Vedev told reporters.
Core inflation is currently at 7.3-7.4 percent, he added, stating that inflation rates will continue falling from late June.
In late April, the Russian Central Bank said it expected Russia's annual inflation rate to be approximately 5 percent in April 2017 and to reach the target level of 4 percent by the end of the same year.
Russia's annual inflation rate stood at around 7 percent between 2012 and late 2014 after reaching a record low of under 4 percent in early 2012, according to the State Statistics Service. Consumer prices rocketed in late 2014, with inflation reaching almost 17 percent by early 2015. Inflation rates later declined, falling below 8 percent by early 2016.
