Annual food inflation amounted to 1.5% in Volga Federal District in January

IMPORT Servisnyy

Annual food inflation in the Volga Federal District slowed to 1.5% in January after 2.1% in December, according to the Volgo-Vyatka Main Directorate of the Bank of Russia. Such a decrease was determined, inter alia, by the expansion of the livestock products supply. The introduction of new sites for the production of chicken and pork has determined a decline in prices for these products in annual terms. It is expected that the trend of increasing domestic production will continue this year.

Under the influence of high supply for the year, eggs fell by 13.2%. An increase in milk yields led to a slowdown in dairy product prices.

Milk prices in the Volga Federal District are below average Russian prices throughout the history of Rosstat observations (since 2003). In January, the cheapest milk in the Volga region could be bought by residents of the Saratov region and Tatarstan - 46 rubles per liter with an average price in Russia of 58 rubles (in Bashkiria in December, the average price of 1 liter of milk was 59.61 rubles). Keeping prices low allows the active development of agriculture, competition between local producers, analysts say.

The decrease in food inflation was also influenced by the high volume and quality of the vegetable crop, including sugar beet.

The growth in prices for imported fruit (oranges, bananas, etc.) also slowed in January - the ruble appreciation in 2019 and the approval by the Government of the Russian Federation of a list of fruits and berries taxed with 10% VAT since 2020.

In 2019, the grain harvest exceeded the volume of 2018, which slowed down the growth of prices for grain processing products. As a result, in January 2020, the growth rate in bread, pasta and all types of cereals (except buckwheat) prices decreased. Buckwheat price increases are the result of a reduction in acreage after overproduction of previous years and a decrease in buckwheat yield. Buckwheat prices in 2020 are returning to an economically justified level.

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