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Inflation slows down in most Russian regions

16 августа 2022 года

In July 2022, annual inflation decelerated in the absolute majority of Russian regions, ranging from 3.3% in the Chukotka Autonomous Area to 20.0% in the Republic of Ingushetia.

The slowdown became possible owing to expanded supply of a range of products, the ruble strengthening in recent months, and moderate demand. The growth rate of food prices edged down in all federal districts. The main contributor to the decline in food inflation was lower fruit and vegetable prices. Their reduction was associated with larger quantities and lower prices of imported products, as well as saturation of the market with domestic products. The rise in prices for meat and dairy products slowed down as well amid the trend towards a further expansion of domestic output.

As to non-food goods, the lowest price growth rates were recorded in such categories as cars, construction materials, household appliances and electronic devices. This resulted from the continuing adjustment of demand and the ruble strengthening in recent months. Prices for sawn lumber went down due to increased supply in the domestic market driven by restrictions on exports.

Contrastingly, the annual growth of prices for services sped up in all federal districts, except the Urals Federal District. In most regions, this trend was caused by the recent rise in the demand for flights and the pass-through of costs to airfares.

More details on inflation in each Russian region are available in the information and analytical materials published on the Bank of Russia website.

Preview photo: Andrei Stepanov / Shutterstock / Fotodom