In the month of March, a majority of Russian regions have seen slower price growth compared to the previous month of February. Among various sectors, services recorded the most noticeable increase in prices. While food prices rose rapidly in most areas, non-food item prices showed a slower rise and even decreased in 18 regions.
The annual inflation rate has stayed somewhat above the national average of 10.34% in 46 regions, with the remaining regions reporting below or equal to this average. The inflationary trend in Russia continues to be high, as the economy struggles to meet the rising demand with an adequate supply of goods and services.
The Bank of Russia aims to curb inflation to 4% by 2026. To achieve this, it plans to sustain high interest rates over an extended period.
The Bank of Russia has announced that more detailed regional inflation information will now be presented in a new format on its website. Beginning this month, the focus of the reports will shift from annual to monthly price dynamics, providing a clearer insight into the factors influencing the central bank’s monetary policy decisions.
For visual reference, a preview photo is credited to Collection Maykova, Shutterstock, and Fotodom.
