ST. PETERSBURG, July 4. /TASS/. Annual inflation in Russia will peak in July, while its gradual decline is expected starting August or September, Deputy Governor of the Bank of Russia Alexey Zabotkin said.

"We will probably see the peak of annual inflation now, in July, particularly due to a serious increase in public utilities rates <…> We expect to see a gradual decline in annual inflation starting August-September," he said in an interview aired by the Rossiya-24 TV news channel.

The regulator expects the return to 4% inflation target in the middle of 2025, Zabotkin said.

"The level of 4% will probably be reached by the middle or closer to the second half of next year," he said.

The Financial Congress of the Bank of Russia is an annual largest international financial forum in Russia, which brings together experts, representatives of Russian and foreign structures, heads of central and commercial banks, financial institutions and the business community.

Congress sessions are interactive discussions during which current issues facing the Russian and global financial systems are discussed. TASS is the general information partner of the congress.