Inflation accelerating for the fourth month in a row in Tatarstan
Annual inflation in Tatarstan had been decelerating since early 2023 reaching 0.93% by May and then slowly but started to accelerate — to 2.21% in June, to 2.99% in July, to 4.29% in August and, finally, to 5% in early autumn.
The indicator hasn’t been the highest in September since 2012 but now the lowest, while a similar number was last registered in January 2021.
Read more about what contributed to spurring inflation and what kept it in September in Realnoe Vremya’s report.
Annual inflation at early 2021 level
In September 2023, consumer prices in Tatarstan rose by 5% compared to the same month last year, reads official statistics. This is not the highest indicator in the last nine months of the year but is in the last four months. This indicator was, for example, seen in July 2012 — 5.04%.
This early autumn annual inflation isn’t the lowest but isn’t the highest either compared to all September months in the last 12 years.
There is a way to go the record high inflation in Tatarstan. From early 2012 to September 2023, the highest indicator was registered in 2022 — it amounted to 18.59% in April.
The basic consumer price index excluding short-term unequal price changes under the influence of certain factors that are seasonal or just a warning also started to grow in Tatarstan. In September 2023, it totalled 3.55% a year after 2.96% in August, 1.61% in July and 0.86% in June.
Vegetable prices in Tatarstan more than a quarter up
Consumer prices for food products in early Autumn rose by 4.22% year on year. The indicator turned out to be higher than in August (+3.03%) and July (+1.58%).
Fruits and vegetable including potatoes (+27.99%) and eggs (+19.1%) went up in price from the list of staples made up by the Tatarstan branch of the Bank of Russia. The list has 14 items, including public catering. Consumer prices for nine of them went up in September 2023.
A notable fall in consumer prices for pasta and grains year on year were registered in September. Compared to the early autumn of 2022, they cheapened by 12.82% in Tatarstan in the early autumn of 2022.
Non-foods are 3.37% higher
Annual inflation in non-foods also gained speed in Tatarstan. In September, it reached 3.37% after 2.97% in August and 1.43% in July.
Consumer prices for 15 out of 19 key categories increased in early autumn. Phones (-15.24%), TV and radio goods (-15.18%), personal computers (-7.83%) and electronics and other domestic appliances (-1.9%) are an exception.
Fur and fur products, tobacco and medical products became leaders among non-food products that became more expensive. Compared to last September, consumer prices for them rose by 8.35%, 7.54% and 6.89% respectively.
Annual rise in prices for services highest this quarter
The rise in prices for services in Tatarstan in September 2023 turned out to be the highest in the last three months — 8.83%. It was 7.53% in July and 8.28% in August.
There hasn’t been registered any decline in average prices for 10 key services in early autumn. Outbound tourism showed the biggest growth — compared to last September, it rose by 56.6%. However, the indicator hasn’t been this year’s highest, the maximum was in July — 61.23%.
Telecom services rose the most year on year — by 1.46%. To compare, negative dynamics were registered during the first two months — by 1.13% in August and 0.48% in July.