The decline in food prices has resumed on the consumer market, with the main factors being lower prices for eggs and vegetables, although prices for some other products have risen, the Institute of Agrarian Economics reported on Wednesday, UNN reports.
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"In July 2024, consumer food prices decreased by 0.8% compared to the previous month. The last time such a decrease was observed in March-April of this year, but then it was measured in the range of 0.2-0.4%," said Yurii Lupenko, Director of the Institute of Agrarian Economics, Academician of the National Academy of Sciences of Ukraine, commenting on the inflation data released by the State Statistics Service.
According to him, the main driver of the decline in consumer food prices was the price of eggs (-11.4%) and vegetables (-19.6%). However, prices for other products increased: most of all, sugar (+12.1%), sunflower oil (+2.9%) and fruits (+1.4%). For other product groups, prices rose within one percent.
This year, the scientist noted, eggs are rapidly becoming cheaper: -47.6% compared to December 2023. Prices for vegetables (-2.6%), meat and meat products (-2.2%) have also decreased.
In annual terms, in addition to the above products, consumer prices for sunflower oil (-7.6%) and sugar (-1.9%) decreased. At the same time, the largest price increases compared to July 2023 were for butter (+16.1%) and bread (+10.1%).
According to the forecasts of the Institute of Agrarian Economics, in the coming months we can expect a further decline in consumer food prices under the influence of the massive supply of this year's harvest, especially of vegetables. To a lesser extent, this applies to bread and livestock products, where prices for raw materials are higher than last year, Lupenko summarized.