In May 2024, keeping a dog in Moscow was 9.4% more expensive than in May 2023. This was told by Alexandra Lvova, chief economist of the Main Directorate of the Central Federal District of the Central Bank of Russia, socialbites.ca.
“A dog is our best friend and companion, but we must not forget our responsibility: we must feed our pet properly and closely monitor its health. Dog nutrition is an important item of monthly expenses for dog owners. Over the year, the cost of dry food in the capital increased by 5%,” Lvova noted.
According to him, one of the main reasons is the increase in the cost of feed due to the increase in the purchase prices of raw materials: chicken and meat ingredients and their derivatives, as well as other additives, including imported ones. feed has become more expensive. The expert added that in addition to raw materials, logistics and packaging costs for feed have also increased.
According to Lvova, veterinary services for Muscovites have also become more expensive: prices for imported vaccines and the purchase and maintenance of foreign equipment have increased. The expert concluded that due to this, the cost of a veterinary examination has increased by 9% over the year, and the cost of vaccinations for an animal has increased by 10%.
“But inflation should not be assessed on such a small set of goods and services, as in the case of the conditional “Dog Index”. After all, Rosstat includes in its calculations inflation prices for about 570 goods and services (for the whole of Russia), including food, clothing, medicines, equipment, various services and much more,” Lvova explained.
According to him, overall annual inflation in Moscow in May amounted to 9.2%.
For the comfortable life of people and the economic development of the country, the Central Bank considers the optimal inflation rate to be around 4% per year in the country and implements monetary policy measures to return to this target. According to the forecast of the Central Bank of Russia, annual inflation will return to the target in 2025 and will then be close to 4%.
Previously a financier guess Inflation is expected to be 6% by the end of 2024.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.