Inflation accelerated in most regions in January

The annual increase in food prices was on the rise in most regions, mainly due to higher prices for fruit and vegetables and dairy products. This resulted from a further transfer of producers’ higher costs to prices and disruptions in import supplies. The growth rates of prices for non-food products also continued to increase. In most regions, the rise in prices of passenger cars and motor fuel accelerated.

Services in January were becoming more expensive faster than in December. The growth of prices for foreign tourism services accelerated most noticeably against a weaker ruble. The rise in air ticket prices continued in the wake of higher prices for aviation kerosene and the expansion of demand. In some regions, the increase in the cost of housing services was higher than a year earlier.

In January, annual inflation in Siberia was the highest with a noticeably accelerating rise in prices for fruit and vegetable products and animal food, as well as housing and utility services and transport services. The North Caucasus witnessed the lowest annual growth of inflation. The slowdown in the growth of prices for non-food products, such as motor fuel, passenger cars and construction materials, had a restraining effect on it in this region.

More information about regional inflation can be found in the information and analytical materials posted on the Bank of Russia website.