Economy

Food prices rise in Russia almost 3 times faster than in EU

10:56, 27 November 2020 28
Photo: Sergey Bulkin/NEWS.ru

Food prices increased by almost 4.1% in Russia from January through October 2020. For comparison, food prices rose by 1.4% in the European Union during the same period, the Russian Federal State Statistics Service (Rosstat) said.


According to Rosstat, in October, food prices in Russia rose by 0.8%, while in the EU, the increase was only 0.3%. In Russia, the rise in prices affected mainly sugar, jam, honey, sweets, chocolate products, and fruits, albeit to a lesser extent, Gazeta.Ru reported citing the state service.

Also, in the first ten months of 2020, prices for bakery products and cereals, as well as oils and fats, went up by 6.8% in Russia. In the EU, prices for bakery products and cereals increased by 0.9%, but oils and fats fell by 0.6%.

Fish and seafood prices went up by 3.5% in Russia, but this figure was 0.9% in the EU. Prices for meat in Russia and the EU increased by 2.1% and 1.6%, respectively. Prices for dairy products, cheeses, and eggs in the Russian Federation increased by 2.0%, while on average in the EU, this increase was by 0.6%.

The International Monetary Fund (IMF) did not rule out that it might revise the forecast for the dynamics of Russia's GDP downwards, despite the signs of a 'sound recovery,' NEWS.ru reported earlier.