Annual inflation in the Moscow region in August was 15.91%

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AK&M 23 September 2022 18:29

Annual inflation in the Moscow Region, according to Rosstat, slowed down in August 2022 and amounted to 15.91%. This is slightly higher than the indicator in Russia as a whole (14.3%). The dynamics were influenced by an increase in supply in certain commodity markets, a reduction in producer costs, and the exhaustion of increased demand in some non-food markets. This was reported by the press service of the Central Federal District of the Central Bank of Russia.

Food inflation dropped to 15 in August.2% from 15.89% in July. The increase in yields of greenhouses near Moscow has led to a reduction in the annual cost of cucumbers and a slowdown in the growth of prices for tomatoes. Due to the increase in acreage, potatoes and cabbage have become cheaper. The increase in yields in the south of Russia has led to a slowdown in the annual growth rates of prices for pears and apples. The expansion of the geography of imports, combined with the strengthening of the ruble in previous months, led to a decrease in prices for oranges in annual terms after their growth in the previous month.

The slowdown in the annual growth of pork and poultry prices was due to the expansion of production by livestock farms in the region. Due to the dynamics of prices for meat as the main component, the costs of producers of semi-finished products decreased, which was reflected in the slowdown in the growth of prices for dumplings, manti, ravioli. The rise in the price of milk has also slowed down. 

In August, non-food inflation also slowed down to 18.63% from 19.89% in July. Weak consumer activity and a limited range of models and complete sets of cars offered for sale contributed to a further slowdown in the annual growth of prices for foreign cars. The stable supply of petroleum products exceeding the demand on the domestic market under the conditions of export restrictions has led to a slowdown in the growth of gasoline prices. The exhaustion of the hype demand for mobile devices after a surge in early spring and the strengthening of the ruble in previous months slowed the annual price growth for smartphones. The reduction in the cost of lumber affected the slowdown in the growth of furniture prices.

In the service sector in the Moscow region, inflation increased in August and amounted to 13.43% after 13.18% in July. The main contribution to this dynamic was made by foreign tourism services: trips to visa-free destinations (Turkey, Egypt, UAE) have become more expensive. The limited supply of foreign tourism also led to an increase in demand for domestic tourism in the Moscow region, as a result, there was an acceleration in the growth of prices for accommodation in rest homes and boarding houses in the Moscow region, as well as for tickets to museums and exhibitions in the region.