Ukraine Sees Significant Drop in Vegetable and Fruit Prices
Date: 2023-10-14 Author: Dima Zakharov Categories: ECONOMY
In Ukraine, the month of September brought a welcome relief for consumers as the prices of vegetables and fruits dropped significantly. The Director of the National Scientific Center "Institute of Agrarian Economics" and academician of the National Academy of Agrarian Sciences, Yuriy Lupenko, shared this information, indicating a 9.7% decrease in vegetable prices and a 5.1% drop in fruit prices compared to August.
This reduction in prices is a stark contrast to the trends in previous months. In August, the price decline for these items was 37.6% and 4.2%, respectively, and in July, it stood at 18.2% for vegetables and 1.3% for fruits.
Additionally, in September, the prices of sunflower oil decreased by 1.6%, while bread and bread products became 0.6% cheaper. Fish and fish products also saw a slight decrease of 0.4% in their prices, remaining at the August levels. Prices for pasta remained unchanged.
On the flip side, the most significant price increase in September was observed in the egg category. After experiencing a prolonged period of decline since April, egg prices for chicken eggs saw a sharp increase of 12.3% in September. Furthermore, prices for butter increased by 1.3%, sugar by 1.2%, meat and meat products by 1.1%, and milk and bread by 0.5%. Soft cheese and cheese prices also rose by 0.4%.
Lupenko noted that, on average, the overall consumer prices for food products in Ukraine decreased by 0.6% in September compared to August. This was in stark contrast to the 3.9% drop in August and the 2.1% drop in July compared to previous months.
According to the Institute's estimates, the potential for further reduction in consumer prices for food products exists in specific categories such as cereals, fruits, and sugar. This is because the harvest of late crops is still underway, and the sugar beet processing season has just begun.
As reported by the State Statistics Service, consumer prices in Ukraine increased by 0.5% in September 2023 compared to August 2023 and by 3.0% since the beginning of the year.
This reduction in prices is a stark contrast to the trends in previous months. In August, the price decline for these items was 37.6% and 4.2%, respectively, and in July, it stood at 18.2% for vegetables and 1.3% for fruits.
Additionally, in September, the prices of sunflower oil decreased by 1.6%, while bread and bread products became 0.6% cheaper. Fish and fish products also saw a slight decrease of 0.4% in their prices, remaining at the August levels. Prices for pasta remained unchanged.
On the flip side, the most significant price increase in September was observed in the egg category. After experiencing a prolonged period of decline since April, egg prices for chicken eggs saw a sharp increase of 12.3% in September. Furthermore, prices for butter increased by 1.3%, sugar by 1.2%, meat and meat products by 1.1%, and milk and bread by 0.5%. Soft cheese and cheese prices also rose by 0.4%.
Lupenko noted that, on average, the overall consumer prices for food products in Ukraine decreased by 0.6% in September compared to August. This was in stark contrast to the 3.9% drop in August and the 2.1% drop in July compared to previous months.
According to the Institute's estimates, the potential for further reduction in consumer prices for food products exists in specific categories such as cereals, fruits, and sugar. This is because the harvest of late crops is still underway, and the sugar beet processing season has just begun.
As reported by the State Statistics Service, consumer prices in Ukraine increased by 0.5% in September 2023 compared to August 2023 and by 3.0% since the beginning of the year.
