Inflation slows down in most Russian regions
In May 2022, annual inflation slowed down in most regions and ranged from 3.7% in the Chukotka Autonomous Area to 23.0% in the Republic of Ingushetia. This was because prices adjusted downwards after the surge in March, which was promoted by a stronger ruble and the exhausted effects of soaring demand.
Concurrently, the growth rates of prices for a number of goods remained elevated because of rising producer costs resulting from, among other things, disruptions in production and logistics chains.
The biggest variation in price growth was demonstrated by non-food goods. In certain regions (first of all, in the Far East and the Urals), prices for cars and construction materials decreased. In many southern regions of Russia, prices for everyday goods, namely perfumes and cosmetics, detergents and cleaning products, continued to rise. In general, the growth in non-food prices slowed down in most regions.
Regional food inflation decelerated mainly owing to a decrease in prices for fruit and vegetables. Prices for services rose more slowly as well, first of all due to lower costs for consumer loan servicing and air fares.
For details on inflation in each Russian region, please see the information and analytical materials on the Bank of Russia website.