Rising Food Prices in Russia: Forecasts and Key Trends for 2024

The increase in grain prices is related to the dynamics of world prices, as well as the devaluation of the ruble. An important factor influencing export prices was increased customs duties .

Against the backdrop of rising prices for oils and oilseeds, there is also a rise in prices for compound feed and premixes, which is due to the rise in the cost of imported feed additives. In the meat products segment, on the contrary, prices for poultry meat have decreased.

The egg market saw a price reduction in the third quarter, but the coming quarters are traditionally characterized by growth. In turn, prices for milk and dairy products continue to grow, reaching record levels.

The decline in potato harvests has also contributed to the rise in prices. As of the end of October, the wholesale price of potatoes had more than doubled compared to the previous year. Prices are expected to fluctuate seasonally in the future.