Alexei Kudrin said the January inflation figure could be adjusted as the month was not yet over.
According to Russia's State Statistics Service, inflation in Russia stood at 1.7% in January 2007.
At the same time, Kudrin said the Russian government intended keeping inflation within the projected figure of 8.5% in 2008.
Inflation has been Russia's biggest worry. With global oil prices and the influx of petrodollars unlikely to subside in 2008, the government may fail to restrain consumer price growth.
Inflation in Russia stood at 11.9% in 2007, exceeding the government's initial target of 8% for last year. Inflation in 2006 was 9%, in line with government targets.