Russian food prices rising

RUSSIA / FSU POLITICS - In Brief 09 Mar 2021 by Alex Teddy
On March 8 the Russian Statistics Agency published data showing that comestible prices are seeing inflation-busting increases. In February 2021 consumer prices went up 5.7% YoY. The food price rise was 7.7% YoY. Food prices have been rising worldwide. In Russia in 2020 food prices went up 6.7%. Fruits and vegetables suffered even more. Russian families spend 40% of their income on food. As disposable incomes falls this % is going to rise.In 2021 the government has striven to keep food prices down without much success. Sunflower and sugar producers have agreed to slow price rises. The Kremlin is mulling similar agreements on pasta and grain. In February 2021 export quotas on grains were introduced to limit price rises. In March 2021 poultry and egg producers announced price freezes for two months. The government is worried about misinformation about food prices causing panic buying. A 3-year prison sentence might be introduced for disseminating such misclaims.

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