Prices for live pigs and pork in Russia have surged to their highest levels since 2015, according to data from consulting firm AD Libitum, as reported by business daily Vedomosti. The figures reveal that prices for commercial pork saw a 7% week-over-week increase, marking a 20% surge compared to the same period last year and hitting an eight-year high. This upward trend in prices is primarily a result of a recent shortage, with meat producers unable to meet demand from wholesale dealers and processors. AD Libitum analysts warn that prices may continue to rise in the coming weeks.
Konstantin Korneev, executive director of Russian consulting firm Rincon Management, stated that pork prices are catching up with chicken prices, which had previously experienced a sharp surge. Processors are shifting towards pork as chicken is currently more expensive.
In addition to pork, prices for broiler carcasses and chicken filets have also seen significant increases. AD Libitum reported a 4% increase in broiler carcass prices in the week ending August 6, making them 38% more expensive than the same period last year. Meanwhile, chicken filet prices rose by 3% compared to the previous week and 42% compared to the same period last year.
According to data from the national statistics agency Rosstat, pork production in Russia increased by 5.9% to 2.7 million tons during the first half of this year. Chicken output also saw a rise of 1.6% to 3.2 million tons. This increase in production, however, has not been sufficient to meet the growing demand, leading to higher prices.
The surge in prices for pork and chicken comes after record-high prices for chicken were reported in June. Rosstat attributed the price hike to increasing costs related to feed additives, gasoline, equipment, and consumables.
The rise in meat prices is likely to have an impact on consumers, who may face higher costs for their favorite meat products. This surge in prices may also have implications for the overall inflation rate in Russia.
It remains to be seen how the situation will evolve in the coming weeks. If the shortage and increased demand persist, prices for pork and chicken could continue to rise. Consumers and businesses alike will need to monitor the situation closely and adjust their budgets and strategies accordingly.
In conclusion, the prices of live pigs and pork in Russia have reached their highest levels since 2015, driven by a recent shortage and increased demand. Prices for broiler carcasses and chicken filets have also seen significant increases. While production has increased, it has not been able to keep up with demand. This surge in prices may have implications for consumers and the overall inflation rate in Russia.