The annual inflation in the Yaroslav region increased in May 2024 to 7.48% after 6.97% a month earlier. However, its value was lower than in the Central Federal District (8.41%) and in general Russia (8.30%), where annual inflation also increased. Inflation in the region has accelerated mainly because of the increased costs of food producers and the decline in the supply of individual food products. Inflation in the region has also been influenced by demand growth and tariff indexation for some services.

The main inflation rates in the Yaroslav region, as a percentage of the month of the previous year:

• Food

The annual rate of increase in food prices in the region increased to 8.51% in May after 7.82 per cent a month earlier.

Tomato prices declined more in May 2023 than in May of this year. This may be partly due to higher price increases in the 1 quarter of 2023, compared with the 1 quarter of this year. As a result, prices in annual comparison to tomatoes grew faster in May than last month.

The deteriorating weather conditions in supplier countries have reduced the supply of a number of imported fruits. As a result, prices of grapes and oranges increased in annual terms.

The rise in world prices of cocoa beans due to unfavourable weather conditions in major producing countries, as well as the increase in logistics costs, have led to an accelerated increase in the prices of chocolate and products.

• Non-food items

The annual increase in non-food prices in May 2024 fell to 4.24 per cent after 4.71 per cent a month earlier. However, in the Central Federal District and in general Russia, the annual increase in non-food prices has increased.

Owing to the decline in world gold prices, the value of hand rings in the annual comparison grew slower than a month earlier.

The supply of smartphones has increased because of increased imports. As a result, their prices fell in annual terms in May 2024 more than a month earlier.

• Services

The annual rate of increase in service prices increased to 9.34% in May 2024 from 8.09 per cent in April.
Since 1 May 2024, the region has been indexing tariffs for passenger transport services, resulting in an acceleration of annual price increases.

The increased demand for repairs in the context of the continuing shortage of construction workers has led to higher prices in annual comparisons to housing repair services.

• Inflation in the Central Federal District and Russia

The baseline inflation in the Jaroslava region increased to 7.7 per cent in May 2024 after 7.06 per cent in April, above the regional inflation rate (7.48%).

Annual inflation in the Central Federal District increased in May 2024 to 8.41% after 7.71% in April, in Russia increased to 8.30 per cent in May after 7.84 per cent in April. Inflation has accelerated mainly because of the high demand ahead of supply expansion, the price shift in the increased costs of producers and suppliers, as well as the unparalleled causes of price changes in goods and services that are highly volatile (goods, air travel).

In May 2024, the current increase in consumer prices in Russia accelerated significantly. The increase in the cost of tourism and passenger transport has had a strong impact. As a rule, their prices change markedly from one month to one month. But in general, the steady inflation pressure has increased. Annual inflation in the country increased to 8.30 per cent (in April 7.84 per cent). In order to limit the excessive expansion of domestic demand and reduce inflation to the goal, the Bank of Russia will maintain tight monetary conditions for longer periods than was projected in April.