World meat industry news

Annual inflation in July 2022 slowed down in the absolute majority of Russian regions and ranged from 3.3% in the Chukotka Autonomous Okrug to 20.0% in the Republic of Ingushetia, the press service of the Bank of Russia told. 

The disinflationary influence was exerted by the growth in the supply of a number of goods, the strengthening of the ruble in recent months, and the restrained dynamics of demand. The growth rate of food prices has slowed down in all federal districts. The main contribution to the slowdown in food inflation was made by cheaper vegetables and fruits, which was facilitated by the growth in volumes and lower prices for imports, as well as the saturation of the market with domestic products. In addition, the growth in prices for meat and dairy products slowed down, with a trend towards a further increase in domestic production.

Among non-food products, prices for cars, building materials, household appliances and electronics rose at a slower rate. This was a consequence of the ongoing correction in demand and the strengthening of the ruble in recent months. Sawnwood prices were falling due to increased supply in the domestic market due to export restrictions.

The annual increase in the cost of services, on the contrary, accelerated in all federal districts, except for the Urals. This in most regions was due to the recent increase in demand for air travel and the pass-through of costs into air travel prices.