Ministry: Russian sugar producers’ prices rise 2.4% in January

MOSCOW, Feb 4 (PRIME) -- Russian sugar producers increased prices by 2.4% in January after a 45% decline in 2019, as seen by PRIME in the materials of the Agriculture Ministry’s analytical center on Tuesday.

“From January through December 2019, the sugar producers’ prices slid over 45% to below 20 ruble per kilogram, VAT included. The leading sugar companies are trying to stabilize the situation by reducing sales and accumulating products in the warehouses,” the document read.

“In the light of several factors, including a gradually wrapping up campaign to process the bulk of sugar beet, sugar producers’ prices have demonstrated positive dynamics since the end of December 2019 rising by 2.4% to 20.5 rubles per kilogram as of January 23.”

The consumer prices for sugar fell 32.3% in 2019 and 1.2% in January to 30.82 rubles per kilogram.

The stabilization trend will continue because Brazil and India, the major exporters of sugar to Russia, decreased output in 2019–2020, the authority also said.

(63.9091 rubles – U.S. $1)

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