Metro and X5 Retail Group are raising prices on dairy and buckwheat in Russia by as much as 10 percent on concerns that the country’s worst drought in 50 years may cut supplies.
“There’s no deficit yet, but there are reasons for it to happen,” Mikhail Susov, corporate relations director at X5, Russia’s largest food retailer, said Monday.
Buckwheat prices from suppliers may jump 40 percent to 60 percent, Susov said. X5, after reaching agreements with several partners, is raising milk and buckwheat by 5 percent to 10 percent, depending on the product, he said.
(Bloomberg)
