In Chuvashia, annual inflation slows down for the fourth month in a row

Annual inflation in the Chuvash Republic in August 2022 decreased to 15.2% after 16.7% in July. The slowdown in price growth has been maintained since May.

As before, fruit and vegetable prices made a big contribution to reducing inflation. Thus, in August, the supply of agricultural products from local producers, as well as individual vegetables from the southern regions of the country, increased. Due to the expansion of supply, the reduction in the price of potatoes and cabbage accelerated in annual terms, the cost of tomatoes decreased after an increase in July 2022, prices for cucumbers and garlic increased more slowly.

“Indicators of grain harvest and yield in the republic this year exceed last year. According to the September issue of the report of the Bank of Russia “Regional economy: comments of the GU”, this is also typical for the regions of the Volga region. Thanks to good indicators in Chuvashia, the growth in the cost of flour and bakery products slowed down in August”– said the manager of the Branch – NB Chuvash Republic of the Volga-Vyatka State Bank of Russia Maxim Frolov.

More details about the reasons for price changes in Chuvashia in August can be found in the information and analytical material published monthly on the website of the Bank of Russia.

According to the forecast of the Bank of Russia, annual inflation in the country as a whole will be 11.0-13.0% in 2022. Taking into account the ongoing monetary policy, in 2023 it will decrease to 5.0-7.0% and return to 4% in 2024.

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