MOSCOW, October 23. /TASS/. Despite a certain decline in inflation expectations this October, they are close to two-year maximums in recent months, the Bank of Russia said after the Board meeting.

"High inflation expectations impede a slowdown in inflation. Despite a slight decrease in the expectations of households and businesses in October, they have generally remained near two-year highs in recent months. Expectations of financial market participants and analysts have increased," the regulator said.

"According to high-frequency data, the economy is growing at a moderate pace" in the second half of this year, the Central Bank added.

The Bank of Russia made a decision earlier today to keep the key rate at 14% per annum after its Board of Directors’ meeting.