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Bank of Russia: annual inflation slows down in the Far East

Bank of Russia: annual inflation slows down in the Far East
The rise in food prices in the Far Eastern Federal District slowed down compared to February. But in the non-food sector the situation is the opposite.

According to the press service of the Far Eastern State Institution of the Bank of Russia, annual food inflation in the Far East slowed down and amounted to 3,7% in March, after 4,1% in February. The main factor was the resumption of deliveries of vegetables from China: annual growth in prices for cabbage and tomatoes slowed down after their significant rise in price in February. Due to lower demand in export markets, fish and livestock prices are falling. Eggs and chickens also fell in price.

At the same time, due to the relatively high share of imported ingredients in production and the weakening of the ruble, the annual growth rate of prices for milk and dairy products increased. Amid rush demand, long-term products began to rise in price: pasta, canned food and cereals.

In the segment of non-food products, inflation accelerated and amounted to 2,9% after 2,7% in February. The main factor was the weakening of the ruble: the prices for electrical goods, building materials and cars went up. The remote work mode triggered a rise in the price of laptops, and medical supplies were in great demand.

In the services market, experts observe a slowdown in annual inflation from 3,2% to 3%. Due to the low demand for travel services and airline tickets, no price increase was observed in this segment. But train tickets grew much faster than a year earlier. Cellular communications have also risen in price due to an increase in consumption.

In March, annual inflation decreased compared to February in five regions: in Yakutia, Kamchatka, Primorsky and Khabarovsk Territories, Chukotka Autonomous Okrug. The lowest inflation rate in all of Russia was in Chukotka - only 0,9%. Most of all, prices rose in Magadan - an increase of 2,4% after 1,9% in February.

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