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16 Dec, 2023 04:30

Russia hit by eggflation

Egg prices have risen by more than 40% since the start of the year, official statistics show
Russia hit by eggflation

The Russian government said this week it would exempt 1.2 billion eggs from the import duty in the first half of next year to try to rein in surging prices. 

According to the federal statistics service Rosstat, prices of eggs, which are categorized as a critical food staple, were up by 4.55% in the week of December 5-11. That is an acceleration from the prior week, when prices climbed 4.23%. Since the beginning of the year, eggs in Russia have increased in cost by more than 46%, data showed.

Retail prices now range from 90 to 150 rubles ($1-$1.66) for a carton of ten eggs. In some cases, the cost is higher, at 164-170 rubles.

The Federal Antimonopoly Service (FAS) has recently proposed that retail chains voluntarily limit markups on eggs to 5%.

Retailers blame the price rise on producers, while industry experts have identified a range of factors, such as overall inflation trends, bird flu, and growing demand ahead of the holiday season.

The issue was highlighted during President Vladimir Putin’s annual Q&A marathon on Thursday, when pensioner Irina Akopova complained to the president about the soaring prices of eggs, chicken breasts and wings.

“I’m counting on you to help,” the pensioner said, with the Russian leader responding: “I promise that the situation will be corrected in the near future.” 

Putin said that high consumer demand was outpacing production in the country, adding “I apologize for this, but this is a failure of the government’s work.” The Russian president subsequently instructed the government to fix the problem.

Meanwhile, food safety watchdog Rosselkhoznadzor has authorized dozens of Turkish and Azerbaijani companies to supply eggs to Russia. On Friday, Belarus said it was ready to export surplus eggs and chicken.

For more stories on economy & finance visit RT's business section

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