Prices for cucumbers, onions and eggs reduced inflation in Crimea

Annual inflation in Crimea fell to 7.5% in January from 7.6% in December, thanks to an expansion in the supply of products — some vegetables and eggs. The inflation rate turned out to be lower than the level for the Southern Federal District (7.6%).

The production of greenhouse products has increased in the country, which is why the supply of cucumbers in the Crimean markets at the beginning of 2024 has expanded, and they have become cheaper in annual terms. The annual growth rate of onion prices has also decreased. The reason is the effect of the high comparative base of last year. After the restriction of onion exports from Central Asian countries in January last year, the volume of supplies to Russia decreased. As a result, prices for this vegetable then increased significantly.

In January, chicken eggs in Crimea rose in price less in annual terms than in December. Their supply has increased in the region, including due to an increase in local production. Additionally, the rise in prices was restrained by measures taken by regional authorities to stabilize prices on the market: agreements were reached with retail chains on a zero trade margin for certain categories of eggs.

In the non-food segment, there was an increase in the annual growth rate of gasoline prices. There are two reasons: increased prices on the wholesale market and the absence of gas stations of large oil companies in the region.

The annual growth rate of prices for housing services for Crimeans has also increased. This was caused by an increase in fees for major housing repairs — in January it exceeded last year. The tariff for maintenance and repairs for homeowners has also increased. Last year it was raised later — in February.

In Russia as a whole, in January 2024, the current increase in consumer prices remained close to the December values. Taking into account the current monetary policy, according to the forecast of the Bank of Russia, annual inflation will drop to 4–4.5% in 2024 and will be close to 4% in the future.