March 11, 2009
Rising meat prices in Russia to continue this year
The upward trend of meat prices in Russia is seen to continue this year as the government continues to take protectionist measures to limit imports of meat, reports the US Department of Agriculture.
Average retail prices of Russian meat and poultry increased by more than 23 percent in 2008 while the increase in overall food prices jumped nearly 18 percent. Demand for beef and pork is seen to decrease due to higher prices as Russian consumers begin substituting them for cheaper protein such as chicken meat and eggs.
The USDA report also noted Russia's increased import duties on butter, soymeal and dry milk powder as well as delisting of US and EU meat and poultry plants for not meeting Russian requirements as part of the country's protectionist measures to guard its meat industries.
For more of the USDA report, please click here.
