In Russia, observers note that food prices have risen by about 14 percent since the start of the year, a figure cited in an October bulletin from the Central Bank and reported by RIA News. Official inflation through October stood at 6.6 percent, but the most noticeable gains occurred in the food sector. Among the items with the steepest price increases since January were bananas, chicken, cabbage, and tomatoes. The report also pointed to the absence of the usual seasonal discounts in fruits and vegetables.
Analysts attribute the price uptick to logistics factors. Road transport tariffs have risen and currency volatility has complicated imports. There is also a perception that manufacturers are raising prices to boost margins. Tamaki’s chief executive Andrei Belyanin described rising food costs as part of a broader global trend; nonetheless, Russia’s indicators are seen by some as showing better performance than in many other nations.
To curb inflation, the Central Bank raised interest rates at the end of October. The government anticipates a rate range of 7 to 7.5 percent by year-end, though experts remain cautious. Igor Stroganov, an associate professor at the Plekhanov Russian University of Economics, warns that real inflation may surpass the department’s target by as much as two to two and a half times.
Earlier, Deputy Prime Minister Aleksei Abramchenko commented on the trend in food prices. Officials have signaled that the overall rise in food costs in the Russian Federation is not expected to exceed the rate of inflation itself, though the timing and magnitude of shifts in specific categories can vary.