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27 January, Wednesday

Ufa   °

Inflation fell by 0.1% per month in Bashkiria in October

Economy/Business

According to the National Bank, in October, inflation in Bashkiria amounted to 3.9% after 4% in September. The main limiting factor is the slowdown in the growth of services' cost from 3.3% to 3%. Cellular communications, air tickets, and consumer services showed the most decline.

Food inflation did not change in October and amounted to 4.7%. Fish, sugar, sunflower oil rose in price due to the low catch and acreage reduction. The growth of prices for confectionery and dairy products slowed down. There is a reorientation of consumers from sugary confectionery products to cheaper flour products and a reduction in dairy products' consumption.

Non-food products in October rose to 3.8% from 3.6% in September. Due to the weakening of the ruble, the highest increase in products' cost with a high import component: foreign cars, household appliances, electrical goods, perfumery, and cosmetics. Building materials have risen in price — the demand for them has increased, as many have actively built and repair housing. Gasoline prices have increased.

In general, in October, inflation in Bashkortostan was lower than the average in Russia (4%) and in the Volga Federal District (4.2%).

According to the Central Bank forecast, the country's annual inflation will be 3.9 — 4.2%. In 2021, inflation is expected at 3.5 — 4% and will stay close to 4% in the future. Low inflation has its positive factors — a slow rise in prices and a low-interest rate, making it possible to increase lending, experts explain. The main thing is to prevent deflation when loans and investments become unprofitable.

/translated by Tatiana Aksyutina
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