Russia c.bank: curbs on Brazil meat contribute to inflation pickup
MOSCOW, Sept 7 (Reuters) - Russian restrictions on meat
imports from Brazil contributed to a sharp acceleration in
annual inflation in August, the Russian central bank said in a
report on market trends on Friday.
Russia's consumer price index (CPI) rose 3.1 percent in
August year-on-year, compared to 2.5 percent in the previous
month, the statistics service said this week.
This was a greater rise than the central bank's research
department had expected, their report said. Analysts polled by
Reuters had expected inflation to climb 3.2 percent.
Russia placed temporary restrictions on meat imports from
Brazil on December 1 after finding the feed additive ractopamine
in some shipments, an allegation Brazilian meat industry groups
"After a decline in prices for meat throughout 2017 and in
early 2018, there is a significant growth now above all due to a
gradual reduction in excess supply," the central bank said in
"This is happening amid rising production costs caused by
the rouble currency weakening."
The restrictions on imports from Brazil, previously one of
the largest meat suppliers to the Russian market, had also
contributed, the central bank said.
The growth in pork prices in Russia in July-August was also
caused by several outbreaks of African Swine Fever, a highly
contagious fever among pigs. The virus is not dangerous to
"As all these factors are temporary, one can expect a
slow-down in the pace of price growth to a moderate level in
future," it added.
(Reporting by Elena Fabrichnaya
Writing by Polina Devitt
Editing by Raissa Kasolowsky)
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.