Russian Federation Food Inflation

The cost of food in Russia rose by 9.33 percent from a year earlier in February of 2023, the least since September 2021 and easing from the 10.16 percent increase in the previous year. Price growth decelerated for bread and baked goods (11 percent vs 12.1 percent in January), largely due to Russia’s record-high wheat harvest in the last marketing year, driving producers to lower prices to free up space in silos. Inflation also slowed for fish and seafood (12.1 percent vs 13 percent), milk and dairy (11.7 percent vs 13.9 percent), and butter (9.7 percent vs 13 percent). On the other hand, costs accelerated for fruits and vegetables (3.4 percent vs 2.4 percent). On a monthly basis, food products became 0.9 percent more expensive for consumers.