Inflation speeds up in most Russian regions in November
Annual inflation in November ranged from 4.5% in the Chukotka Autonomous Area to 12.2% in the Republic of Daghestan.
Most regions recorded a faster rise in non-food prices, predominantly due to higher prices for motor fuels and cars. Prices for services were growing more quickly than in the previous month. In foreign tourism, the upward trend was caused by higher demand for travels to Turkey and the UAE for the New Year holidays amid the effective restrictions on travels to many popular tourist destinations.
Overall, the annual increase in food prices slowed down slightly in November, with the extent of this decline varying across regions. The deceleration was mostly owing to a slower rise in vegetable prices resulting from shifts in seasonality. Usually, greenhouse cucumbers and tomatoes replace outdoor vegetables in November, but in 2021 this happened as early as October due to the cold weather.
Countrywide disinflationary factors had the weakest effect on vegetable prices in the Far East where inflation accelerated most significantly. Contrastingly, inflation in the North Caucasus slowed down. In North Caucasus regions, a slower annual increase in food prices had a more considerable contribution to inflation due to a large portion of food products in the structure of consumer expenses.
For details on inflation in Russian regions, please refer to the information and analytical materials published on the Bank of Russia website.