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Ukraine producers promise to keep key food prices stable

19 March 2021

Leading food producers' associations in Ukraine have told the government they will keep domestic prices stable for several popular food items to help stave off inflation already hitting neighbouring Russia.

Reuters reports that Russia is imposing export taxes on its agricultural products since December in a bid to stabilise rising domestic food prices.

Ukrainian food prices added 7.7% in the first two months of this year compared to the same period in 2020. Bread, eggs, sunflower oil, fruits and milk have seen the biggest rises.

"All parties agreed that, in accordance with the forecast balances of supply and demand, the domestic market is fully provided with basic foodstuffs of domestic production," the associations said in a statement.

The associations said in a statement they "will take all necessary measures aimed at stabilising food prices".

The government has listed "goods of social importance" as buckwheat, white sugar, high-grade wheat flour, Ukrainian-made pasta, milk, bread, chicken eggs, poultry, mineral water and butter.

Ukraine is a net-exporter of agricultural products, but the domestic market may experience price pressure with a significant increase in export shipments.

The government has already imposed quotas for wheat and corn exports in the 2020/21 season which runs from July to June.

Read more about this story here.

Source: Reuters



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