Officially: inflation continued to slow down in Sevastopol in April
Annual inflation in Sevastopol in April 2023
In the spring of last year, many goods and services rose in price unusually fast, which was explained by the weakening of the ruble and the reduction in the supply of goods after the exit of some foreign companies from the country and the disruption of supply chains. That is, the change in prices in March-April 2022 predetermined the current slowdown in annual inflation. In addition, annual price growth in the region was slowing down under the influence of increased supply in the markets and subdued buying activity.— quotes the press service of the manager of the Branch for the city of Sevastopol of the Central Bank of the Russian Federation Mikhail Bezhan.
In the food sector, the growth rate of prices in annual terms in April in Sevastopol decreased to 1.5%. Last year’s record grain harvest allowed wheat prices to drop, and as a result, millers reduced their raw material costs, flour production increased, and flour supplies to stores increased. As a result, in annual terms, flour fell in price. This affected the cost of bread, buns and confectionery, which rose in price more slowly than in March this year. In the meat and dairy industries, the trends of the past months continued. Feed costs for livestock breeders were reduced against the backdrop of a decrease in the cost of grain, and the production of milk and meat was growing in the country. As a result, in annual terms, pork, beef and milk became cheaper, while cottage cheese, yogurt, cheese curds, cheese, ice cream and sausages rose in price more slowly.
In the segment of non-food products, as in previous months, restrained consumer demand was noted, but due to the establishment of import supplies, the supply gradually expanded. As a result, the annual growth in prices for foreign cars, perfumes, cosmetics and clothing continued to slow down in the region, while haberdashery and detergents and cleaning products fell in price.
Annual inflation will begin to increase from May, as the low values of monthly increases in summer-autumn 2022 come out of its calculation. According to the forecast of the Bank of Russia, taking into account the ongoing monetary policy, annual inflation will be 4.5-6.5% in 2023 and will be close to 4% in 2024 and beyond.
source: press service of the Sevastopol Branch of the Southern Main Directorate of the Bank of Russia
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