How pork and beef prices to rise in Russia? RANEPA expert's forecast
The price of chicken meat in Russia is at an average long-term level. Its rise is being held back by pork as an affordable alternative. Denis Ternovsky, an expert researcher at the RANEPA, told a REGNUM correspondent on June 22 about this.
Meat prices have risen unevenly over the past year. The price of beef increased by 25%, the price of chicken – by 13.3%, the price of pork – by 9.3%. At the same time, the general food inflation reached 20%, the expert believes. It can be expected that this situation will continue in the coming months.
So, the further rise in prices for these types of meat will not go beyond the picture of general inflation. Despite rising nominal prices, pork is becoming more affordable. Now the price of it, adjusted for inflation, is 10% lower than the average over the past five years. The price of chicken meat is at an average multi-year level, and an affordable alternative – pork –will keep it from rising. Beef now costs 6% more than the average for the past 5 years (adjusted for inflation) and is the only type of meat for which Russia depends on supplies from the world market.
Therefore, as Ternovsky explained, the price of beef will be largely determined by world prices and the functioning of supply chains.
Source: EMEAT