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Annual inflation slows down in the Far East
The annual inflation rate has slowed down in the Far East. In Russia as a whole, the annual growth rate of consumer prices increased by 0,2%.
According to the press service of the Far Eastern Main Directorate of the Bank of Russia, the average price increase in Russia was 3,6% in August 2020. In July, the figure was 3,4%.
In the Far East, annual inflation amounted to 3,9% in August instead of 4% in July. The rise in prices slowed down due to an increase in the supply of vegetables and fruits from local producers and the resumption of supplies from China. In addition, prices continued to be affected by weak dynamics of demand for some goods, high prices for air travel, and the weakening of the ruble.
Annual food inflation in the Far Eastern Federal District slowed down to 4,8% in August after 5,3% in July. Along with fruit and vegetable products, prices for eggs and chicken meat began to grow more slowly. These trends are driven by the increased supply from local poultry farms.
The rise in prices for milk and dairy products slowed down due to the technical modernization of enterprises. But goods dependent on imports - chocolate, confectionery - on the contrary, increased in price.
In the segment of non-food products, annual inflation in the Far East rose to 3,8% in August after 3,6% in July. There was an increase in prices for clothing, furniture, electrical goods and other household appliances.
Annual inflation on the services market in August increased to 3,0% after 2,9% in July. Prices for domestic tourism services, taxis and public transport rose slightly.