April 3, 2025 | 09:55 GMT +7

  • Click to copy
Sunday- 20:36, 10/09/2023

Russia: Poultry prices up, gov’t kicks off antimonopoly investigation

(VAN) The Russian Federal Antimonopoly Service (FAS) has launched an investigation into the poultry market to find out whether economic factors justified this year’s rise in wholesale prices.
Photo: Canva

Photo: Canva

FAS said that 2 Russian poultry manufacturers got “prescriptions” from the regulator after their recent deals were scrutinised. Following further analysis, FAS will decide whether further action is required.

At the end of July, poultry prices in Russia hit 197 roubles per kg (US$2), an all-time high. Since the beginning of 2023, prices climbed by 16%, though the trend was uneven throughout the year.

On 26 July, the Russian Agricultural Ministry stated that the price dynamics of the majority of food products were within the inflation rate.

A temporary shortage

In May 2023, the Russian newspaper Vedomosti reported, citing an anonymous source in the Russian retail industry, that the poultry market experienced a shortage of broiler carcasses to an extent stemming from difficulties industrial farms in the Belgorod region were facing.

Another anonymous source confirmed to the publication that the bordering regions face logistics and raw material supply challenges. He didn’t provide any additional details. Belgorod is the Russian leader in terms of industrial broiler meat production. It borders Ukraine’s Kharkiv region on the west.

Ruble’s crash

In addition, there are signs that the upward trend in the Russian poultry market is only gaining steam. Russian retail chains have recently asked the government to acknowledge Russian ruble fluctuations as a reasonable factor to change prices. Over the previous 12 months, the Russian ruble lost 44% value against the dollar, 78% against the euro and 60% against the yuan, the Russian Union of food producers Rusprodspyuz said.

The Russian ruble has weakened by 26% this year as a result of a collapse in export revenues and growing budget spending, making it the third worst-performing global currency this year.

The ruble’s devaluation drives down production costs and freight rates. The latter jumped by 61% in the most popular directions during the past year, Rusprodspyuz calculated.

Some market players, however, warned that accepting the Rusprodspyuz’s demand could undermine the Russian government’s effort to keep food inflation at bay.

It is extremely risky to change the rules by accepting the growth of the foreign currency exchange rate as an unconditional and comprehensive factor to change retail prices, assumed Igor Karavaev, chairman of the praesidium of the Association of retail companies, AKORT.

HD

(PW)

Banks see a dire climate future - and ways to profit

Banks see a dire climate future - and ways to profit

(VAN) The nation’s top banks are quietly advising their clients on how to build a financial life raft - or perhaps life yacht - from the wreckage of runaway climate change.

Conflict and rising food prices drive Congolese into one of the world's worst food crises

Conflict and rising food prices drive Congolese into one of the world's worst food crises

(VAN) From FAO Office in the Democratic Republic of the Congo.

Brazil faces inflation risks as surging corn prices eclipse rice plunge

Brazil faces inflation risks as surging corn prices eclipse rice plunge

(VAN) Corn prices in the Campinas region have surged past 90 reais ($15.80) per 60-kg bag, the highest nominal level in nearly three years, marking a more than 23% jump year-to-date, according to the widely followed Cepea index from the University of Sao Paulo.

Breaking cycle of forest land grabs

Breaking cycle of forest land grabs

(VAN) Thailand’s efforts to address landlessness among its population has been a priority for multiple administrations.

Engaging the next generation in the connection between forests and foods

Engaging the next generation in the connection between forests and foods

(VAN) FAO, together with the Government of Italy, and a forest expert and a master ice cream maker from Italy, educate young students on the significance of forest foods at FAO Park.

The glyphosate debate

The glyphosate debate

(VAN) The EU has recently approved the use of glyphosate for another decade. Bárbara Pinho examines the controversial pesticide’s presence in British farming and considers the possibility of a ban in the UK.

The spread of H5N1 highly pathogenic avian influenza calls for stepped up action, FAO says

The spread of H5N1 highly pathogenic avian influenza calls for stepped up action, FAO says

(VAN) Averting losses of hundreds of millions of poultry crucial to mitigate impacts on food security, nutrition and affordability of poultry products.

Read more