Russian food prices may grow by 15-20% in 2022
According to the forecast of the information and analytical service of Fertilizer Daily, next year, food prices in Russia may rise significantly.
Their predictions are based on the problems, which Russian agriculture faced during the past year. Among them are a delay in the start of field works due to cold spring, summer heat, the rise in prices for mineral fertilizers, plant protection products, fuel and agricultural machinery, and a reduction in acreage for some crops. Even though large fertilizer producers froze prices for their products, smaller manufactures producing pesticides and traders didn’t take such an action. As a result, in 2021, Russia faced a decrease in the yield of grain crops, buckwheat, and potatoes.
In 2022, another decline in yields is predicted due to the expected increase in prices for pesticides and fuel, unfavorable weather conditions, a decrease in the application of mineral fertilizers and sown areas, and the bankruptcy of individual agricultural enterprises. This, in turn, can lead to a rise in food prices by 15-20%.