Annual inflation in St. Petersburg slowed down to 2.5% in April

Thus, the inflation rate in the Northern capital turned out to be lower than in the Northwestern Federal District, where inflation was 2.65%, but higher than in Russia as a whole (2.31%), according to the information and analytical commentary of the regulator.

The specialists noted that after the March increase of 0.49%, the general level of food prices in St. Petersburg in April fell by 0.84% ​​in annual terms.

"The main factor that led to a slowdown in inflation was the reduction in production costs for a number of food products. <...> The effect of the record harvest of 2022 continued to operate - grain became cheaper and feed production increased. This restrained the growth of livestock breeders' costs for the purchase of feed in producing regions As a result, poultry meat and sausage products became cheaper in annual terms, the growth in prices for dairy products and cheese slowed down, and butter became cheaper," the Central Bank said.

Also, the Central Bank of the Russian Federation drew attention to the fact that against the backdrop of a high harvest of wheat and sugar beets in St. Petersburg, the annual growth in prices for confectionery flour products slowed down. For the same reason, pasta and bakery products have become cheaper.

As for the general level of prices for non-food products, in April it also decreased by 1.21%, and the main contribution was made by the slowdown in the annual decline in prices for medicines, personal computers, household appliances and televisions.

"The current price dynamics is mainly due to the statistical effect of a low comparative base. In April last year, prices for these goods decreased significantly compared to March. This was due to the exhaustion of the rush demand that arose in late February - early March 2022," the Central Bank noted .

But the annual growth rate of prices in the services sector in April, on the contrary, increased to 12.21% after 12.08% in March. Also in St. Petersburg, the rise in prices for foreign tours to Turkey, the United Arab Emirates and the countries of Southeast Asia has accelerated: this is due not only to the weakening of the ruble, but also to the volatility of prices for foreign tourism services in general.