The NBU explained why products in Ukraine have risen in price

Published 2021년 3월 11일

Tridge summary

In February 2021, the National Bank of Ukraine reported an increase in food prices, with the rate of increase varying by food group. The cost of processed food products rose by 7.2% year on year, largely due to the effects of last year's lower harvests in Ukraine and globally. Factors contributing to this include crop failure, increased production costs, and reduced production. Specifically, the price of sunflower oil and its processed products, bread and flour products, meat products, butter, cheese, rice, fish products, dried fruits, and ketchup all saw significant increases. This was due to higher production costs for raw materials and energy, reduced production, and higher world prices for sugar beets and wheat leading to higher prices for sugar and flour.

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Original content

Food prices rose in February this year and the reasons for this vary, depending on the group of goods - in particular, the cost was affected by crop failure, increased production costs, reduced production. This was reported in the NBU in a comment on inflation in February 2021, UNN reports. The NBU said that the growth rate of prices for processed food products increased to 7.2% year on year, and a significant factor in this was "further transfer of effects from lower last year's harvests in Ukraine and in the world." In particular, sunflower oil, as well as products of its processing (mayonnaise, margarine and spreads) continued to rise in price. Further increase in production costs for raw materials (flour, oil, sugar) and energy led to higher prices for bread and flour products. Rising prices for raw materials also affected the cost of meat products, butter and cheese. Rising prices for rice, fish products, dried fruits and ketchup also accelerated. Rising food prices also ...

Source: AllRetail.ua