According to the latest data, annual inflation for 2023 was 7.4%.
It is expected that in 2024 this figure will be about 4.5%.
Thus, we observe that price growth in Russia is gradually slowing down; inflation should soon reach the target indicators of the Central Bank of the Russian Federation.
According to Rosstat, the rise in prices for fruits and vegetables has slowed down especially significantly.
For example, cucumbers rose in price by only 3%, while last week an increase of 13% was recorded. Tomato prices increased by 2%, while a week earlier the price increase was 10%.
The situation is similar with cabbage (2% instead of 7%), beets (2% instead of 4%), potatoes (1.5% instead of 6%).
However, in total for 2023, prices for fruits and vegetables rose by almost a quarter. Therefore, slowing growth does not change the fact that prices have already risen significantly.
Is the situation with chicken eggs returning to normal?
The rise in price of chicken eggs at the end of the year was so noticeable that it even became a topic raised directly with the president.
Now, as noted by the Ministry of Agriculture, egg prices have been declining for the third week in a row. Over the past week, eggs have fallen in price by 1.5-2.5%.
Experts see several reasons why this is happening.
— The traditional drop in demand for many products, which follows the end of the New Year holidays. Eggs are included in many traditional New Year’s dishes, so the rush for them in December is not unexpected.
— The domestic Russian market is actively becoming saturated with this type of product. In part, thanks to the fact that the government has taken a number of measures to open borders to imports.
— Retailers are also trying to follow this trend.
“Retail chains try not to raise prices for socially important food products and set zero or even negative trade markups on food products at the expense of their own margins.
In addition, retail chains dampen price increases from manufacturers and gradually accept increases in prices for goods,” the Ministry of Agriculture notes.
But, again, the increase in prices for chicken eggs in 2023 amounted to 61%. Even if we now see a slight drop in price, it will still not cancel the fact of a very serious rise in price.
What has increased in price the most?
According to statistics, the largest increase in prices over the year, in addition to eggs, was shown by tomatoes and bananas (50%), cabbage and chicken (over 25%), apples and lamb (about 20%).
It is currently believed that the Central Bank’s tough policy and high key rate should significantly reduce inflation this year.
However, certain types of goods may continue to rise in price.
