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31 May 2018, 14:25

National Bank: inflation in Bashkiria is lower than national average

UFA, 31 May 2018. /Bashinform News Agency, Galina Bakhshieva/ translated by Tatiana Aksyutina/. Inflation in Bashkiria continues to develop below the average Russian indicators and remains near its historical minimum. At the end of April this year, it was 1.5% in annual terms. In general, inflation in Russia was 2.4%.
As explained by the National Bank RB, the level of inflation in Bashkortostan remains below the all-Russian indicators due to regional specific factors.
In our republic, the agricultural sector is developing simultaneously with the food industry. The region has an extensive network of retail markets and fairs, and a number of large investment projects in agriculture are being implemented. The food products prices make a significant contribution to the inflation slowing down.
According to the results of April this year, an increase in prices for food products in Bashkiria slowed to 0.3% in annual terms against 3.9% in April 2017. Fruit, fish and seafood, tea, coffee, bakery products are among the most expensive products.
At the same time, some socially significant products in the region show sustained deflation.
Thus, more than 10 months in a row, the cost of sugar, eggs, sunflower oil, as well as flour, pasta and cereals is decreasing. For example, buckwheat groats have fallen in price by 44%.
The increase in prices for non-food products in the republic fell to 1.4% in annual terms, as against 3.2% in April 2017. In this category, the rise in prices for petroleum products, cars, tobacco products, construction materials, perfume and cosmetics is observed. At the same time, medical products, fur products, washing and cleaning products, communication equipment, electric and tele-radio products became cheaper.
Rates of growth of tariffs for paid services also decreased. As a result of April 2018, services in Bashkiria went up by 3.5% in annual terms against 4.3% in April 2017.
The cost of housing and utility services, communications, education, and medical services were among the highest. At the same time, for more than five months, the prices for taxi, air, and railway carriers have been declining.
Author:Galina Bakhshieva
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