Russia's annual inflation averaged 9.13% in July, up from 8.59% in June. Price growth accelerated in 76 regions, with the highest increases observed in the North Caucasian Federal District and the lowest in the North-Western Federal District. A key factor contributing to this rise was the indexation of utility rates, which increased more than usual this year. Notably, these rates were not raised in July 2023, resulting in a low base of comparison.
The growth rate for most goods and services slowed down compared to July 2023. Prices for meat products, chicken eggs, cars, electronics, and foreign tourism grew at a slower pace. In contrast, prices for dairy products, petrol, and flights rose faster.
Further details on regional inflation can be found in the information and analytical materials available on the Bank of Russia website.
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