Annual inflation continues to decline in most Russian regions
In February, price growth continued to decelerate. This downward trend was explained by expanding supply and decreasing costs of manufacturers of some food products, as well as weak consumer activity and a gradual restoration of non-food imports.
The annual growth of food prices slowed down in almost all federal districts, month-on-month. This reduction was mostly attributed to prices for animal products that dropped as a result of the output expansion and lower costs.
As compared to January, the annual increase in non-food prices slowed down in all federal districts, most significantly in prices for electronic devices, mobile telephones, and cars.
Prices for services demonstrated more diverse trends across Russian regions, which was primarily because of air fares. Thus, air tickets became cheaper in the North Caucasus as the regional authorities launched new government subsidised flights. In contrast, Siberia recorded a rise in air fares, fuelled by higher demand amid growing interest in domestic tourism.
More details on inflation in each Russian region are available in the information and analytical materials published on the Bank of Russia website.