Russia: Soyuzmoloko expects butter prices to rise no higher than inflation

Published 2024년 11월 6일

Tridge summary

The General Director of the National Union of Milk Producers in Russia, Artem Belov, forecasts that the increase in butter prices in Russia will not exceed the inflation rate. This comes despite a 19% increase in the price of butter over the past year due to increased logistics and electricity costs. Factors such as a rise in the Central Bank's key rate and a decrease in preferential loans for agricultural producers have also contributed to the price hike. However, butter production in Russia is expected to remain steady at 350 thousand tons by the end of the year. Imports of butter from countries such as Belarus, Turkey, and the UAE have also contributed to the supply.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The increase in the cost of butter in Russia in the near future will not exceed the rate of inflation. This forecast was voiced at the VII Novosibirsk Agro-Food Forum by the General Director of the National Union of Milk Producers (Soyuzmoloko) and member of the ROSNG Expert Council Artem Belov, TASS reports. The head of the organization recalled that over the past year, the cost of the product has increased by about 19 percent. In the near future, he expects it to continue to grow due to increased costs for logistics and electricity, especially for raw milk. Over the past two years, wages have already increased by 40 percent and costs for logistics, electricity, fuel and lubricants, equipment and spare parts have increased significantly. "And the price dynamics that we see on the shelves are primarily due to this factor," the expert noted. In particular, he recalled that prices for raw milk have increased by about 22 percent over the year as of September. The head of Soyuzmoloko ...

Source: Rosng