Inflation in the Moscow Region has been declining for the seventh month in a row.

According to the Central Directorate of the Bank of Russia for the Central Federal District in the Moscow Region, annual inflation decreased again and amounted to 14.01% in November. 

Similar dynamics developed in the Central Federal District and Russia, where annual inflation was 12.50% and 11.98% respectively. The expansion of supply, reduction of food producers' costs, as well as weak consumer activity had a restraining effect on prices.

In the Moscow Region, food inflation fell to 11.32% in November (from 11.79% in October). The expansion of production on livestock farms and farms in the Moscow region affected the increase in the supply of chicken meat and pork. At the same time, the growth of poultry meat prices slowed down, and the cost of pork decreased in annual terms faster than last month. The dynamics of meat prices affected the reduction of costs of meat processing companies, as a result, the growth of prices for sausage products, as well as for semi-finished products - manti, dumplings and ravioli slowed down.

The expenses of livestock breeders continued to decline, as the growth of prices for feed components - grain and soy - slowed down, in addition, producers used preferential lending programs for the purchase of the main feed component, amino acids and vitamins. Together, these factors, as well as an increase in milk production, led to a slowdown in the growth of prices for cheeses, milk, cottage cheese and butter.

Non-food inflation also continued to slow down and amounted to 15.32% in November compared to 16.52% in October. Several factors influenced its dynamics. In conditions of weak consumer demand, the growth of prices for new and used foreign cars, as well as for tires, slowed down.

The stable supply of petroleum products exceeding the demand on the domestic market under the conditions of export restrictions has led to a slowdown in the rise in the price of gasoline. The establishment of parallel imports, as well as low consumer activity, contributed to a faster decline in smartphone prices.

In general, annual inflation in Russia slowed down in November and amounted to 11.98%. According to the forecast of the Bank of Russia, taking into account the monetary policy, annual inflation will decrease to 5-7% in 2023 and return to 4% in 2024.

- The fact that the indicators of food inflation in the Moscow Region are decreasing suggests that federal and regional measures to support entrepreneurs are working. The initiatives of the Governor of the Moscow Region Andrey Vorobyov played a significant role in this. Business investment activity is being supported, import substitution and technological sovereignty are developing, logistics chains have been rebuilt," said Vladimir Golovnev, the Commissioner for the Protection of Entrepreneurs' Rights in the Moscow Region.

Автор: OS, EH
Источник: Пресс-служба Владимира Головнева


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