NOVO-OGARYOVO, February 5. /TASS/. Russian Central Bank’s decision to cut interest rate to 15% was absolutely correct, Economic Development Minister Alexey Ulyukayev said on Thursday.

"I do not think that the Central Bank was too fast [with this decision]. I think it was an absolutely correct and well-timed decision," Ulyukayev said.

Russian Economic Development Ministry has no plans to review its inflation forecast yet and estimates annual rate of 2015 inflation at 13.7%, Economic Development Minister said.

He added that he had not yet seen Rosstat figures on inflation reaching its annual rate of 15%.

Earlier on Thursday, the country’s state statistics service Rosstat reported that inflation in Russia accelerated to 3.9% in January, compared to 2.6% in December 2014.

According to Rosstat, the annual inflation rate reached 15% by the end of January, approaching the lower end of the peak inflation forecast given by the Russian Ministry of Economic Development for 2015.

Inflation in Russia will reach its peak level in March, Russian Economic Development Minister Alexey Ulyukayev predicted.