Annual inflation continues to rise in most Russian regions in July
Prices were pushed up by higher consumer demand coupled with supply-side constraints. This accelerated the pass-through of the ruble weakening to prices for goods, especially imports.
In almost all Russian regions, annual growth rates of prices for food and non-food goods, as well as the consumer basket in general trended upwards, most notably — for motor vehicles, electronics and fruits as these categories depend on imports. Petrol prices continued to go up as well, which was due to changes in the parameters of the damper mechanism.
Contrastingly, most Russian regions reported a slower rise in prices for services, which was primarily because there was no regular indexation of utility rates in July.
More details on inflation in each Russian region are available in the information and analytical materials published on the Bank of Russia website.