World meat industry news

Consumer prices rose by 0.18% over the month. Adjusted for seasonality, their growth decreased to 0.13% compared to September, the press service of the Bank of Russia told. 

At the same time, non-food products fell in price due to a decrease in the propensity of households to consume. The prices of a number of foodstuffs decreased due to the expansion of supply. Services, on the contrary, have risen in price, including due to one-time factors in the passenger transportation market.

Annual inflation slowed down again, to 12.63% in October. The ongoing monetary policy will create conditions for its further reduction - to 5-7% in 2023 and to 4% in 2024.

Almost all major food groups fell in price, including meat and dairy products, pasta and cereals (seasonally adjusted). The basis was created by the further expansion of the supply, also due to the high yield of many crops. Prices for most non-food durables have fallen.

According to the forecast of the Bank of Russia, taking into account the transfer of indexation of tariffs for utilities from next year to December of the current year, annual inflation in 2022 will be 12.0-13.0%. In the context of the ongoing monetary policy, it will decrease to 5.0-7.0% in 2023 and return to 4% in 2024.