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The cost of sunflower oil rose to a record over the week
20 October 2020, 10:48
The cost of sunflower oil rose to a record over the week
Prices for sunflower oil in the European part of Russia rose sharply, reaching a new maximum - 74,175 rubles per tonne. The growth was observed both in expert quotations (by $ 35 - to $ 960 per tonne) and in the price of sunflower (by 1375 rubles - to 30,875 rubles per tonne).

This was reported by RBC, citing data from the SovEkon agency.

Analysts point out that the reason for the sharp jump was the rise in expert prices on the global oil market. Note that some processors tried to reduce the purchase prices for sunflower, despite the rise in quotations. But last week the price was sharply increased by 2-4 thousand rubles per ton.

Experts believe that the trend will continue in the coming weeks. At the same time, the strengthening of the ruble and the decline in prices for palm and soybean oils may restrain it.

At the beginning of the month, Russian consumers noted an increase in retail prices for sunflower oil in two weeks on average from 20 to 60 rubles per bottle, depending on the brand. This jump in prices for a vital product has sparked consumer outrage. Economists note that the reason for the rise in oil prices could be a drought, which caused a poor sunflower harvest in the country. In the near future, a rise in price may affect some types of cereals, especially oatmeal, as well as meat and milk.

In September, analysts predicted an increase in prices in Russia for both butter and other food products.