Russians were warned about a sharp rise in milk prices

Dairy

Russia

Market & Price Trends

Published Mar 19, 2024

Tridge summary

Experts predict that milk and dairy products in Russia may become more expensive by fall this year, continuing a trend from last year when prices increased by 16%. This is due to factors such as rising household incomes, increased milk consumption, higher fuel and electricity costs, increased employee salaries, and a doubling of the Central Bank key rate. However, as milk is considered socially significant, the state controls its prices and will prevent a sharp increase.

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Original content

By the fall of this year, milk and dairy products in Russia may become more expensive. The Parliamentary Newspaper writes about this with reference to experts. The head of the National Union of Milk Producers (Soyuzmoloko) and member of the ROSNG Expert Council Artem Belov did not announce price forecasts. However, he recalled that last year the cost of dairy products (including raw materials) had already increased by 16 percent. The reasons turned out to be both positive (increasing household incomes and increasing milk consumption) and negative (increasing the cost of fuel and electricity, increasing employee salaries and doubling the Central Bank key rate). According to him, such growth has not occurred since 2011–2012. In the near future, this may affect the cost of products on store shelves. Belov also expects that this situation will continue for at least next year. However, the dairy market is unpredictable. For example, last year, even with an increase in citizens’ incomes ...

Source: Rosng