MOSCOW, Jan. 22 (Xinhua) --Russia's annual inflation decreased to 7.42 percent at the end of 2023, the country's central bank said on Monday.

       "In December, the consumer prices experienced slowdown in growth rate. Consumer prices were growing with the rate of 8.7% on average in the fourth quarter," said the bank in a statement, adding that the annual inflation went down to 7.42 percent year on year.

       However, the bank noted that price growth rate remained high for a wide range of goods and services for the sixth month in succession in the year.

       In light of the current moderately tight monetary policy, the bank forecasted that inflation rate in the country is expected to be lowered to 4.0 percent to 4.5 percent in 2024.