Russia’s invasion of Ukraine affects the entire world as well as the Russian economy. Describing the situation with Ukraine as a “special military operation” and imprisoning his own citizens, calling it war and occupation, Putin declared mobilization in the country. With the declaration of mobilization, the Moscow stock market crashed. The question of “how to escape from Russia” became one of the most searched on google. Many Russian citizens began to leave their country in order not to take part in this unjust invasion.
It is possible to see the negative effects of the invasion in agriculture. Russia, which lost a significant part of the agricultural products export market due to the restrictions imposed by the European Union, has excess stocks in many commodities today. These products, which cannot be exported due to restrictions, lose value in the domestic market and are offered for sale at low prices. Although the Russian Grain Union proposed the abolition of export duties on sunflower oil and meal, citing excess stocks, it was not accepted by the competent authorities.
In the period from September 13 to 19, 2022, consumer prices for sunflower oil in Russia continued to decline, and margarine began to fall in price for the first time in recent months. This is reported by analysts of the Federal State Statistics Service (Rosstat) in their monitoring.
Thus, according to the agency, during the reporting period, oil in the Russian Federation became cheaper by 0.1% against 0.01% in the previous week under review.
In general, consumer prices in Russia during the reporting period decreased by 0.03% – deflation in the country has been recorded for the eleventh week in a row. In the previous week, they fell by an average of 0.12%, the week before – by 0.13%, and a week earlier – by 0.16%. As reported earlier in the Accounts Chamber, deflation in the Russian Federation may continue in September and early October.
At the same time, the Ministry of Industry and Trade stated that there would be no state regulation of prices in the country, since it could negatively affect the economy, up to a shortage of goods.
“The continuous state regulation of prices can have a negative impact on the economy, up to a shortage of goods and the ruin of manufacturers and trade organizations. Therefore, we consider it expedient to use market methods as much as possible and carry out work on individual groups of goods in a timely manner using mechanisms to balance food markets,” the message says.
Source: Oleoscope
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