Russian inflation to speed up in months

MOSCOW, June 2 (Reuters): Russia's consumer inflation accelerated again in May and is on track to speed up further in the coming months, central bank analysts said in a report on Wednesday, days before the bank's rate-setting meeting.

Inflation in Russia has been on the rise since early 2020, boosted by a weaker rouble and globally higher food prices as well as the central bank's decision to cut the key rate to a record low of 4.25% in the face of the COVID-19 crisis.

"Inflation in May has returned on the upward trend, which may remain in place by autumn," the central bank said in a report on trends.

Annual inflation likely reached 5.7%-5.9% in May, after slowing to 5.5% in April, staying far above the 4% target that it will reach only in the middle of 2022, the central bank analysts said.