Selling prices for live pigs and pork increased in Russia

The Federal Information and Analytical Agency "Rosbalt" reports that domestic pork producers have increased selling prices for products.

According to the Russian Ministry of Agriculture, as of August 18, the weighted average price of pigs in live weight rose to 118.84 thousand rubles per ton (hereinafter - excluding VAT). Weekly growth was 2.1%. Pork half-carcasses have risen in price by 1.4% over the week - up to 179.4 thousand rubles per ton.

Rosstat notes that with a decrease in consumer prices on August 10–16 (-0.01%), food prices rose. In particular, pork has risen in price by 0.9%, and since the beginning of the year - by 9.6%. At the same time, beef prices increased by 0.3% over the week.

The inflation rate since the beginning of the year is 4.48%. By comparison, inflation reached 4.91% year-on-year in December last year, after 3.04% at the end of 2019, which was the second-lowest in modern Russia's history. The minimum was recorded in December 2018 (2.5%). In 2018, prices increased by 4.3%. 

In July of this year, according to the State Statistics Service, consumer prices in Russia increased by 6.46% year on year after a 6.5% increase in June. Inflation in July accelerated by 0.31%.

The Russian government raised its inflation forecast for 2021 from 3.7% to 4.3%, the Central Bank from 3.7–4.2% to 4.7–5.2%, and the Ministry of Economic Development from 4.3% to five%.