CHELYABINSK, November 8. /TASS/. The strict monetary policy pursued by the Bank of Russia is working, inflation is slowing down, Deputy Prime Minister Alexander Novak said at the plenary session of the Russian Economic Forum.

"It is clear that the Central Bank is pursuing a strict monetary policy, as we see, in order to bring down inflationary processes. In my opinion, this is already working, basically. We see that peak inflation, which was in July - somewhere around 9.2% - is now gradually decreasing. Now it is, as of November 1, 8%," he said.

Novak added that if inflation declines the Bank of Russia will be cutting its key rate.

"We will see what the dynamics [of inflation decline] will be," the Deputy Prime Minister concluded.