According to the Central Directorate of the Bank of Russia for the Central Federal District in the Moscow Region in March 2023, annual inflation fell markedly to 6.04% after 13.00% in February

Similar dynamics developed in the Central Federal District and Russia, where annual inflation was lower (4.21% and 3.51%, respectively).

The dynamics of inflation in the Moscow Region was significantly influenced by the statistical effect of the high base of last year (the surge in prices for individual goods and services in March 2022 has already ceased to be taken into account in the calculation of annual inflation). In addition, the slowdown in annual price growth in the region was influenced by the expansion of the supply of goods, the reduction in the costs of food producers, as well as restrained consumer demand.

In the Moscow region, annual food inflation continued to decline (to 3.42% in March from 8.97% in February). The increase in production volumes at agricultural complexes has led to an expansion of the supply of chicken and turkey meat, as well as pork in the region.

In the segment of non-food products, annual inflation in the Moscow Region decreased to 2.84% in March compared to 13.85% in February.

Restrained consumer demand continued to contribute to a slowdown in the growth of prices for new foreign cars and russian cars. The increase in the supply of models of new Asian brands in the car market also affected such price dynamics.

The development of parallel imports has led to an expansion of the supply of communications and household appliances in the domestic market. In conditions of restrained consumer demand, this led to cheaper washing machines and refrigerators in annual terms after the price increase for them a month earlier. There has also been an acceleration in the decline in smartphone prices.

The rise in prices for medicines has slowed down. This was facilitated by an increase in the production of medicines in the Moscow Region. The development of the pharmaceutical industry on the basis of the capital's special economic zone has led to an expansion of the supply of medicines.

In many ways, the dynamics of prices for cars, electronics and medicines is also explained by the statistical effect of the high base of last year, when in March 2022, against the background of the weakening of the ruble, supply compression and a surge in demand, prices for individual goods increased markedly.

In the service sector in the Moscow Region, the annual rate of price growth decreased to 13.13% in March after 16.68% in February.

- Entrepreneurs from the Moscow Region, taking advantage of the withdrawal of foreign companies from the domestic market, successfully occupy vacant niches in various fields of production and services, as statistics tell us.

In this situation, in addition to the implementation of federal and regional support measures, it is necessary to strengthen the provision of state guarantees for the protection of the rights and legitimate interests of business. All this has a beneficial effect on the creation of new jobs, the implementation of import substitution projects and the activation of entrepreneurial activity in general," said Vladimir Golovnev, the Commissioner for the Protection of the Rights of Entrepreneurs in the Moscow Region.