Gaidar Institute experts explained the reason for the rise in food prices
According to social surveys, every second respondent notes a noticeable rise in the price of dairy products, Nezavisimaya Gazeta reported. Experts of the Gaidar Institute and the Presidential Academy, Pavel Trunin, leading researcher at the Gaidar Institute's Center for Macroeconomics and Finance, and Yuri Perevyshin, senior researcher at the Center for Central Bank Issues at the IAES RANEPA, noted in the new issue of the Monitoring of Russia’s Economic Outlook that the rise in the price of food products mainly contribute to annual and monthly inflation.
The review shows that the butter price growth more significantly contributes to consumer inflation. Given that the share of butter in the consumer basket is relatively small - only 0.73% - the growth in its price led to an increase in inflation by 0.05 p.p. in October. Compared to September, butter prices rose by 6.6% and compared to last year - by almost 30%.
The authors of the review explained this change in butter prices by “an increase in production costs and consumption growth”. “By the end of October, according to the Ministry of Agriculture, prices in the wholesale segment commenced to decline. However, the data for the first two weeks of November indicate that in the retail segment butter continued to rise in price (by 2.1% by the end of October)”, - Yuri Perevyshin and Pavel Trunin specified, having analyzed the Rosstat statistics.
Friday, 29.11.2024