Inflation accelerates in most Russian regions in October

In October, annual inflation ranged from 3.1% in the Chukotka Autonomous Area to 13.3% in the Republic of Daghestan. Higher costs, lower harvest of open-field vegetables, an unfavourable epizootic situation in some regions, and rising prices in global commodity markets pushed up inflation.

Faster annual growth in food prices was mainly prompted by a considerable appreciation of fruit and vegetables on the back of rising producer costs (for fertilisers, labour remuneration) and worse harvest of open-field vegetables. Meat products prices whose growth accelerated due to higher producer costs (for fodder, veterinary medicines, packaging materials, among other things) and the persistently unfavourable epizootic situation, also significantly contributed to such growth.

In October, the annual growth rates of non-food prices increased slightly and remained elevated. Services price movements continued to be volatile as they heavily depended on the epidemic situation inside and outside Russia.

The highest acceleration in annual inflation was posted in the North-Western Federal District where the effect of country-wide factors in animal food and vegetable markets was more pronounced. The lowest inflation acceleration was seen in the Far East where prices for all major components of the consumer basket were growing at a more moderate pace.

For details on inflation in Russian regions, please see the information and analytical materials on the Bank of Russia website.