Russian food prices will slow but will not fall

According to Tuesday’s top economic adviser from the Russian president, the rate of increase in Russian food prices may slow in the coming weeks, when new grains will be supplied to supermarkets.

Russia's food prices may remain high for the rest of the year as Russia faces the economic downturn caused by the drought.

At present, the main problem in Russia is still to maximize the cultivation of crops to ensure high yields next year.

Russia suffered the worst drought in at least 50 years this year, resulting in the reduction of nearly one-third of summer grain production and pushing up the price of some foods. Buckwheat prices rose nearly 9% last week, while in August they rose more than 13%. Last week, the price of eggs rose by nearly 14% because of soaring prices of food.

Soaring food prices have caused inflation in Russia to rise by 0.6% in August and by 0.8% in September. The government’s latest estimate for the annual inflation rate is 7.5%, which is higher than the initial forecast of 6-7%.

According to the Russian Prime Minister reiterated on Tuesday, although the drought has caused nearly one-third of the summer grain damage in Russia, this year's grain production is expected to be 30 million tons lower than expected, but Russia has sufficient grain to meet domestic demand, and even there will be surplus.

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