Economist predicts sharp rise in food prices

09:46, 08 December 2020
Economist predicts sharp rise in food prices Photo: Sergey Bulkin/NEWS.RU

The coronavirus pandemic will lead to a sharp rise in food prices, said chief researcher of the Center for Agricultural and Food Policy of the Russian Academy of National Economy and Public Administration under the President of the Russian Federation, Doctor of Economics Vasily Uzun, the National News Service reports.

Due to the pandemic, incomes fell by more than 10 percent, food is becoming more expensive, this trend persists for 2021. In the category of poor citizens, 50 percent of income accounts for food, he said.

The expert noted that the public catering sector is under threat. If earlier in Russia, about 20 percent of rich families' income accounted for cafes and restaurants, now it is 3-4 percent. Low-income people generally stopped going to such establishments.

Uzun added that Russia has enough resources to cope with the global food crisis. He explained that the country would have enough food, and also large volumes of export will remain. earlier reported that a San Francisco startup called Ugly Pickle Co. will start using food waste in the production of pizza.