Annual inflation slows down in almost all regions in April
In April, as in the previous month, annual inflation slowed down because of the base effect: the significant price growth of April 2022 was excluded from the inflation calculation over the last 12 months. Annual inflation accelerated slightly only in the Arkhangelsk Region and the Republic of Buryatia. Monthly consumer price growth remained moderate.
Household demand was still weak. The supply of consumer goods recovered, moderating the price growth. Services prices, however, increased due to higher wages and a surge in import costs.
The annual growth in goods prices edged down in all federal districts, partly because the last year’s good harvest of grains held back the rise in food prices. Changes in services prices varied by region. Household services were the biggest contributors to the slowdown in price growth, while foreign tourism services were the main drivers of price growth acceleration.
More details on inflation in each Russian region are available in the information and analytical materials published on the Bank of Russia website.