July 21, 2017 / 10:02 AM / a month ago

Russian central bank says inflation slowdown will enable it to cut rates

FILE PHOTO: Russian rouble coins are seen in this picture illustration taken June 7, 2016.Maxim Zmeyev/Illustration/File Photo

MOSCOW (Reuters) - Russian inflation becoming anchored at the target level and inflation expectations stabilizing will open the door for the central bank to cut interest rates more, it said in a financial review on Friday.

Consumer inflation in Russia unexpectedly accelerated to 4.4 percent in June, challenging the central bank's aim of bringing inflation up to 4 percent this year.

Despite the latest pickup, the central bank may still reach its target as core inflation, which excludes prices for food, fuel and utility tariffs, slowed to 3.5 percent in June, analysts have said.

Reporting by Elena Fabrichnaya; Writing by Vladimir Soldatkin; Editing by Maria Kiselyova and Hugh Lawson

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