Annual inflation slows in all regions in March
The slowdown was explained by the high-base effect: the surge in prices in March 2022 was excluded from the calculation of the annual inflation rate that now shows price growth from April 2022 through March 2023.
Moderate consumer activity, the restoration of non-food imports, and other factors continued to limit price growth.
In addition to the high-base effect, a decline in meat and milk producers’ costs and expanded supply of meat and dairy products also influenced food price dynamics. Cars and electronic devices were the main contributor to the deceleration of non-food prices. Prices for services were changing more diversely across regions, mostly impacted by trends in air transportation and foreign tourism.
More details on inflation in each Russian region are available in the information and analytical materials published on the Bank of Russia website.