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It's official: cuts in producers' spending slow down inflation in Crimea for the third month in a row

CrimeaPRESS reports:

In the Republic of Crimea, inflation is slowing down for the third month in a row — in February 2023, it fell to 12.2% after 12.7% in January. The key reasons for this dynamics are still the reduction in producers’ costs, the restrained consumer activity of the Crimeans and the increase in the supply of certain goods in the markets of the region.

In February, the rise in prices for biscuits, chocolates and chocolate in Crimea slowed down. Against the backdrop of a high harvest of sugar beet and wheat, the annual growth rates of prices for flour and sugar, the production volumes of which have increased, have been slowing down for several months. Because of this, bread and confectionery products rose in price more slowly.

For the tenth month in a row, the growth in prices for dairy products has slowed down: in February, this especially affected fermented milk products, milk formulas for baby food, curds and drinking milk. Farmers are steadily increasing production volumes, spending less on feed due to cheaper grain and taking advantage of government support measures.

The development of the country’s domestic market and moderate consumer activity are holding back the rise in prices for durable goods. Thus, thanks to alternative supply channels, the range of household appliances and electronics has expanded. As a result, the rise in prices for refrigerators, computers, cookers, electric kettles, mixers, washing machines, and vacuum cleaners slowed down, while the decline in prices for televisions and smartphones accelerated.

The rise in fares for city buses, trolleybuses and trams for Crimeans accelerated in February against the backdrop of tariff indexation: such measures were taken to compensate carriers for the maintenance and servicing of transport.

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According to the forecast of the Bank of Russia, annual inflation will temporarily fall below 4% in the coming months due to the high base effect of last spring. In the second half of the year, as the low values ​​of monthly growth in the second half of 2022 are removed from the calculation of annual inflation, this indicator will slightly increase. In the baseline scenario, taking into account the ongoing monetary policy, annual inflation will be 5-7% in 2023, return to 4% in 2024 and will be close to 4% in the future.

source: Branch for the Republic of Crimea of ​​the Southern Main Branch of the Central Bank of the Russian Federation

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