The Ministry of Economic Development is recording deflation in the Russian food market amid rising global prices.

Domestic situation:
Vegetable prices fell most significantly this week: carrots (-2.9%), onions (-2.3%), cabbage (-2.2%), and potatoes (-1.5%). Prices for cheese (-0.4%) and wheat FLOUR (-0.3%) also resumed their downward trend. The rise in the cost of MEAT and dairy products slowed (to 0.1% and 0.04%, respectively).

Global trends:
In stark contrast, global food prices rose 3.5% after falling the previous week. There was a sharp jump in wheat prices in France (+12.7%) and the US (+4.8%), corn (+5.4%), and soybeans (+3.1%). Fertilizer prices rose 35.8% year-on-year.