The coronavirus pandemic will lead to a sharp rise in food prices, said chief researcher of the Center for Agricultural and Food Policy of the Russian Academy of National Economy and Public Administration under the President of the Russian Federation, Doctor of Economics Vasily Uzun, theNational News Servicereports. Due to the pandemic, incomes fell by more than 10 percent, food is becoming more expensive, this trend persists for 2021. In the category of poor citizens, 50 percent of income accounts for food, he said. The expert noted that the public catering sector is under threat. If earlier in Russia, about 20 percent of rich families' income accounted for. Read more...
About 20% of Russian catering establishments were forced to close by the beginning of the third stage of lifting all restrictions related to the pandemic, Sergey Mironov, Vice-President of theFederation of Restaurateurs and Hoteliers of Russia(FRHR), public ombudsman in the restaurant business at the office of the Ombudsman for the Protection of the Rights of Entrepreneurs in Moscow, toldTASS. “Unfortunately, restaurants continue to close. About 20% are now closing. Either they have already closed, or they are trying to close, or the legal entity still exists, but the restaurant itself is not open,” he said, answering the question of how many restaurants have. Read more...
This year, agricultural production may increase by 1% compared to 2019 with a planned value of 1.8%, according to the National Report of the Ministry of Agriculture following the implementation of the state program for agricultural development. Relative to the base year 2017, the industry will grow by 4.8% against the target of 3.8%. Including plant growing, it is expected to add 1.9% to last year, livestock - 1.5%. Under favorable economic and weather conditions, forecast indicators may be higher. According to the forecast of the ministry, the gross harvest of grain and legumes this year will be 121.9 million tons, which is 0.6% more than in 2019. In mid-June,. Read more...
Last month, Russia, the world's largest wheat exporter, suspended global grain exports – precisely the type of action the World Health Organization, the UN Food and Agriculture Organization (FAO), and the World Trade Organization have warned would endanger global food supply chains. This is bad news for the EU, a major importer of essential foods from Russia - not least because Russia's ban also extends to other essential foods like rye, barley, corn, soybeans, andsunflower oil. To make matters worse, the ban was announced when Russia seemed to have weathered the worst of the pandemic. But given that Russia has, in past weeks, become an epicentre of. Read more...
Russia’s retail sales rose more than expected in March spurred by panic buying ahead of the lockdown to stem the coronavirus outbreak and as the ruble’s plunge boosted demand for imported goods before shelf prices increased,Reutersreported. Retail sales, the gauge for consumer demand, Russia’s key economic growth driver, rose 5.6% in year-on-year terms in March, above a 2.6% increase predicted in a Reuters poll of economists, the federal statistics serviceRosstatsaid. Economic data on the state of Russia’s economic health is in focus after the central bank last week predicted an up to 6% contraction in the gross domestic product in 2020, while. Read more...
Russian nationwide food and necessities delivery serviceSberMarkethas unveiled its 1Q20 performance figures, which show the company’s turnover increased five-fold to 1.5 billion rubles ($20.07 million) year-on-year,Retail & Loyaltyreports. Compared to 4Q19, the metric soared 74%. The number of orders delivered in 1Q20 also increased more than five times to exceed 350,000. In 1Q20, SberMarket, owned by the country’s biggest lenderSberbank, kept implementing its strategy to create a nationwide FMCG delivery service available to all residents of the country. Over the first quarter, the service was launched in 12 new regions of Russia, from Irkutsk to. Read more...
The losses for Russia’s economic sectors which are worst-hit by the coronavirus pandemic could reach 17.9 trillion rubles ($239 billion), while up to 15.5 million people could lose their jobs, a new macroeconomic study by theNational Rating Agency(NRA) says, according toIzvestia. The crisis will deal a heavy blow to the service sector, while the food industry, agriculture, fishery, and forestry sectors will be the least affected, the study says. According to the experts, the government will try to prevent some of the damage by taking additional measures for helping the worst-hit parts of the economy. In its new forecast, the NRA relies on a basic scenario, where the. Read more...
The combined impact of the coronavirus outbreak and the breakdown of the OPEC+ oil production pact between Russia and Saudi Arabia has brought sharp volatility to Russian stock markets and swings in the value of the ruble,The Moscow Timeswrites. Oil pricesfell againFriday as investors grew increasingly nervous over Mexico’sreluctanceto sign up to the deal to cut oil output by 10 million barrels per day — threatening to derail the whole agreement. Brent crude oil was trading at $31.50 a barrel as the Moscow trading session came to a close. — The ruble bounced around throughout the day but recorded no change on its starting level of 73.8, as. Read more...
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