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11 May, Tuesday

Ufa   °

Inflation slowed down after four months of growth in Bashkiria in March

Economy/Business

In March, annual inflation in Bashkortostan slowed to 5.2% after 5.4% in February. The decline is due to several regional factors, analysts of the National Bank of the republic said.

Food inflation fell by 0.3 percentage points to 7.6%. The reduction in the cost of greenhouse cucumbers and tomatoes influenced this — their harvest increased by 20% in March (the republic is among the top ten regions — leaders in producing greenhouse vegetables). Plus, restrictions on the import of tomatoes were lifted.

Inflation in the non-food sector decreased similarly. Here, the consumer price index was 4.3% against 4.6% in February. This is largely due to the lower than the national average; the growth rate of gasoline and diesel fuel prices due to the high concentration of oil refineries in the region.

In the service sector, inflation rose by 0.2 percentage points — up to 2.9%. This is mainly due to the growth in the cost of passenger transport services. Both airfare and train travel have risen in price due to the growing demand for travel and the increase in fuel cost.

The restraining factor was the almost zero growth of prices for insurance and banking services. In a highly competitive environment, insurance and credit organizations actively meet their customers halfway by offering a flexible system of discounts and promotional products.

On average, in the Volga Federal District and the Russian Federation, annual inflation in March accelerated to 6% and 5.8%, respectively.

/translated by Tatiana Aksyutina
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