Page 52 - RusRPTSept23

4.0 Real Economy 4.1 Industrial production
4.2 Inflation
World food prices rose slightly in July after declining in the previous two months, the UN Food and Agriculture Organization (FAO) said. The FFPI food price index rose to 123.9 points (up 1.3% compared to June), but at the same time decreased by 11.8% compared to July 2022. The FAO explains the growth by June with the termination of the grain deal and the introduction of new restrictions on rice trade. To clarify, when calculating sub-indices for food types, FAO compares their current value with average export prices in 2014-2016.
In July, there was a sharp increase in the price index for vegetable oils - up to 129.8 points (plus 12.1% against June), and this is the first increase after seven months of decline. Prices for sunflower oil increased by more than 15% over the month, the main reason is the uncertainty with export supplies due to the termination of the grain deal. The cost of palm, soybean and rapeseed oils
RUSSIA Country Report September 2023 www.intellinews.com