The Ministry of Industry and Trade has not yet received signals from industry representatives about a possible rise in food prices, stated deputy head Viktor Evtukhov. He urged caution and emphasized that there are no immediate indications for price increases across most food categories, with eggs and chicken meat being notable exceptions noted previously.
Evtukhov explained that a mechanism for weekly monitoring is being prepared. Major retail chains will regularly submit data on price adjustments proposed by suppliers, enabling swift responses from authorities and market participants alike. This effort aims to enhance transparency and keep price movements aligned with real-time market conditions.
Earlier official statistics indicated a slowdown in price growth for eggs and chicken meat. In the week from October 24 to October 30, egg prices rose by 2.26 percent, while chicken meat prices increased by 0.43 percent. These figures come against the backdrop of broader consumer demand trends observed by the Bank of Russia, which flagged early signs of a potential contraction in demand in October 2023. Household expenditures in sectors such as food production, agriculture, retail trade, and real estate transactions showed a slight pullback relative to the third-quarter average.
There were also reports of a record surge in rental housing prices in the same period, highlighting the wide spectrum of price dynamics influencing households and the overall economy.