(Reuters.) – Russia’s consumer inflation slowed down to 17.10% over the past year, from 17.83% last April. That was its highest point since January 2002. Data showed this on Wednesday, just days ahead of central bank’s rate-setting meeting.

A Reuters poll indicated that the central bank will cut its key rate 100 basis points to 10% Friday to try to lower lending costs in light of slow consumer demand and a paused inflation.

Data from Rosstat, the Federal Statistics Service showed that monthly inflation has slowed from 1.56% to 0.12% in April.

Following Russia’s decision to deploy thousands of troops in Ukraine on February 24, the monthly inflation rose to 7.61% in March. It was this month’s highest increase from January 1999 to now.

Rosstat data revealed that the weekly decline in consumer prices was 0.01%, compared to the flat week prior.

Analysts at Raiffeisen Bank stated in a note that “stable inflation” allows the central bank’s monetary policy to be eased, even though it is temporary.

Since years high inflation has been a concern of households. It damages living standards and is a problem that can be aggravated by economic contraction.

Rosstat shared the following:

RUSSIAN IPI May 22 May 22 May 21

Mth/mth change pct +0.12% (+1.56% +0.74%

Food +0.60% +2.87%+0.96%

– non-food -0.09% +0.53% +0.74%

Services: -0.32% +1.07%+0.44%

Y/Y change in percentage of change:+17.10% (+17.83%+6.02%

Core CPI: y/y change +19.87% +20.37% -6.04%