Annual inflation in the Murmansk region in January 2025 increased to 8.9%

Annual inflation in the Murmansk region in January 2025 increased to 8.9% after 8.15% a month earlier. According to the press service of the regional branch of the Bank of Russia, inflation in the Kola Arctic was lower compared to the North-Western District (9.87%) and Russia as a whole (9.92%). The increase in the costs of producers of goods and the indexation of tariffs for some housing and communal services have become the main reasons for the acceleration of price growth in the region. In particular, due to the increase in the costs of producers and processors of the livestock industry for labor, feed and logistics in the Murmansk region, the annual growth rates of prices for dairy and meat products have increased noticeably. The increase in the cost of catching and processing fish affected the cost of fish products – their prices in annual terms increased more than in December. The annual growth rate of prices for non-food goods and services has also increased. So, due to the increase in the recycling fee, the prices for passenger cars in January decreased not as much as last month. Due to the indexation of contributions for capital repairs, prices for utilities services grew faster. In the whole country, annual inflation also increased and amounted to 9.9%. We see that excess demand continues to outpace the possibilities of increasing the output of goods and services, and because of this, prices are rising faster. In this situation, the Bank of Russia keeps the key rate at a high level of 21% per annum and thus maintains high rates in the economy. This will contribute to a slowdown in inflation and its return to the target of close to 4% in 2026, said Natalia Sabina, Head of the Economic Department of the Bank of Russia’s Murmansk Region Branch.

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