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Bank of Russia: inflation continues to decline in the Far East
Annual inflation in the Far East continued to decline in January and amounted to 3,4% after 3,9% in December 2019. The main contribution to this was made by the slowdown in prices in the services market due to the fact that tariffs for housing and communal services were not indexed this year.
The highest inflation rate in the Far East was observed in the Jewish Autonomous Region - 4,8%, and the lowest - in the Magadan Region - 1,4%. This is mainly due to tariff policies in the services market.
The annual food inflation in the Far Eastern Federal District in January was 4,2% after 4,3% in December 2019. According to the press service of the Far Eastern State Institution of the Bank of Russia, prices for meat and poultry, chilled and frozen fish, sausages, milk and dairy products, sugar and confectionery products have slowed in the macroregion.
Moreover, due to the situation with coronavirus and the closure of borders in the Far East, fluctuations occurred in the second half of the month vegetable prices. However, in general, the influence of this factor on inflation in the Central Bank is estimated as insignificant.
In the non-food segment, annual inflation in the Far Eastern Federal District in January amounted to 2,8% after 2,9% in December. Rising prices for cars, furniture, electrical goods slowed down, prices for computers and tablets fell, but fuel became more expensive. Annual inflation in the services market in January fell to 3,2%. This was mainly due to a slowdown in the annual growth of utility tariffs.