MOSCOW Russia's central bank on Wednesday said price pressure was gradually intensifying after a period of restrained price growth in the second half of last year, and that annual inflation would start picking up again this month.

Double-digit annual inflation hit Russia last year soon after it sent its armed forces into Ukraine on Feb. 24, 2022, eliciting sweeping Western sanctions.

Annual inflation has dropped below the central bank's 4% target in recent weeks due to that high base effect, but is set to begin rising once more.

(Reporting by Elena Fabrichnaaya; Writing by Alexander Marrow; Editing by Chris Reese)