Support The Moscow Times!

Magnit Raising Key Prices

Magnit, the country’s second-largest food retailer, said Monday that it was raising prices for bread and dairy products as the country’s drought shrinks the grain harvest.

Bread prices will rise no more than 20 percent, and dairy prices will climb no more than 10 percent after distributors and suppliers demanded higher payments, spokesman Oleg Goncharov said. The increase will depend on the product and the region, he said.

“This is the first serious price increase for bread since the 2008 crisis,” Goncharov said.

Distributors have been seeking increases of 3 percent to 30 percent from retailers on bread and milk prices since the beginning of the month, according to a survey of five Russian and international retailers.

(Bloomberg)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.