Annual inflation slows down in half regions in December
The slowdown in inflation is mainly associated with the fact that the indexation of utility tariffs (performed in December 2022) was excluded from the inflation calculation over the past 12 months.
However, the annual growth in prices for most product groups accelerated compared with the previous month. This was due to high demand allowing businesses to raise prices faster by passing through higher costs to them.
Speaking of food products, prices for animal products, especially chicken eggs and also confectionery and cereals, grew more significantly than a month earlier. As for non-food goods, cars and furniture demonstrated the most notable price growth.
The annual increase in services prices was diverse. In addition to prices for housing and utility services, prices for passenger transportation, communications and foreign tourism services also grew by far more slowly. In contrast, the growth in consumer services prices accelerated considerably.
More details on inflation in each Russian region are available in the information and analytical materials published on the Bank of Russia website.