Annual inflation slows down again in Tatarstan

Annual inflation has slowed down again in Tatarstan — over the past six months it has decreased by almost 6 percentage points and in October amounted to 12,8%.

In October, the annual increase in food prices decreased significantly — 13,8% after 16,5% in September. This continued to be influenced by the increase in the supply of agricultural products due to an increase in production volumes.

The grain harvest has also grown — thanks to this, the cost of grain has decreased. Since this is an important component of livestock enterprises' feed costs, the growth of prices for beef and dairy products has slowed down. The annual increase in prices for pork, poultry and eggs has been replaced by a decrease.

The dynamics of prices for non-food products was affected by the cooling of consumer demand — the growth of prices for cars and tires slowed down. The limited range of car models has also affected demand.

There is being an acceleration in the annual growth of prices for hotel services and apartment rentals in the republic. This is due to the growing demand for recreation within the country.

According to the Central Bank's forecast, annual inflation in Russia in 2022 will be 12-13%. Taking into account the current monetary policy, it will decrease to 5-7% in 2023 and return to 4% in 2024.

According to the results of January-September 2022, retail trade turnover in Tatarstan amounted to 894,1 billion rubles. Compared to the same period last year, in absolute figures, it increased by almost 14%, but taking into account inflation, the indicator was by 2,4% less.