MOSCOW, February 16. /TASS/. Price growth rates in Russia started slowing down, Governor of the Central Bank Elvira Nabiullina said at the press conference after the regulator’s Board meeting.

"Tough monetary conditions have evolved. Saving activity is intensifying under their influence and the lending one is gradually cooling down; price growth rates started decelerating as a result," she said.

Peak values of the recent price hike in Russia were in fall 2023, Nabiullina noted.

"We noticed the decline in monthly rates of the price growth in December - January with the seasonal adjustment, compared to values in fall, largely owing to stable components," the governor said. "Base inflation decelerated. Price growth rates in January remained approximately the same as in December. Services - without public utility services - were the exception, with the quicker rise in prices. Growth is mainly associated there with the price appreciation for resort services and traveling. Seasonal growth of domestic tourist prices may become stronger because of refocusing of Russians on travelling within the country," she added.

Disinflationary processes are already visible in the stable component of inflation, the governor indicated. "They may go unevenly but according to base case forecasts, [they] will lead to 4.0-4.5% inflation by the end of this year as a result of the tough monetary policy," she added.