PRESS: Buckwheat, oatmeal prices to rise by 10–20% in November

MOSCOW, Oct 25 (PRIME) – The Russian producers of cereals have notified the retail chains of a 10–20% price increase for buckwheat and oatmeal in November because of higher prices for raw cereals and packaging, Kommersant business daily reported on Monday.

“The producers of cereals are notifying retailers of an increase of prices for buckwheat, oatmeal, and flakes by 10–20% in November. The reason is the growth of prices for raw cereals and packaging. In particular, buckwheat was hit by problems with harvest in the Altai Region, where producers’ prices grew from 57 rubles per kilogram to more than 80 rubles per kilogram this year,” Kommersant reported, referring to Russia’s largest supplier of buckwheat.

Experts think that the situation will stabilize as soon as the new harvest arrives to the market, the business daily said.

Large cereal producer Rosa notified its partners about the increase of prices, and representatives of the Verny grocery retail chain confirmed receiving notifications from the cereal producers about an increase of prices by 15% on average. A representative of agricultural holding AFG National said that the price of polypropylene and cardboard packaging grew by more than 100% over the past year, while the price of raw cereals rose by up to 30%.

An Agriculture Ministry representative said that the food producers soften the price growth using their profits for the previous year. In 2021, the sowing area for buckwheat grew by 12.1%, the representative said.

(70.8623 rubles – U.S. $1)

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