Regional price growth accelerates across Russia in June
In June, 80 Russian regions recorded a faster rise in prices than in May, largely due to one-off factors. Food and non-food prices increased, while service price growth slowed.
Food and fuel drive increases
In June, 80 Russian regions recorded a faster rise in prices than in May, a trend largely attributed to one-off factors.
Food prices increased across most of these regions, predominantly driven by higher fruit and vegetable prices.
These particular agricultural products saw an upward adjustment in June, following a sharper-than-usual decline over the preceding April and May.
Concurrently, non-food prices experienced upward pressure, primarily from more expensive petrol and diesel fuel.
This surge in fuel costs was linked to a decrease in production and temporary supply disruptions.
Interestingly, when excluding petroleum products, non-food prices actually dropped on average in nearly 40 Russian regions, indicating a mixed picture for this category.
Services demand moderates
The increase in service prices slowed down in more than half of the Russian regions compared to May.
Some regions even recorded lower service prices on average, a development mostly explained by more moderate demand for domestic tourism.
Despite this moderation, the overall growth rate of service prices remains rather high.
The Central Bank of Russia (CBR) affirmed its commitment to continue pursuing its monetary policy with the objective of achieving sustainably low inflation across all Russian regions.