"There are still inflation risks. In particular, against the backdrop of economic uncertainty, inflationary expectations of the population remain heightened," the bank said in a statement.
The bank recalled that the slowdown in inflation started last year due to the effect of high base rates, after prices in 2015 increased significantly.
"At the same time, decrease in demand played a role as well, which is obviously not influenced even by the ruble's volatility: the [Russian] citizens were in no hurry to stock non-food products," the bank said.
In January, the annual inflation in Russia amounted to 9.8 percent.
Earlier in the day, head of the Bank of Russia Elvira Nabiullina forecast that the inflation rate in Russia would be no more than 4 percent by 2017 under the the baseline scenario of national economic development.
