Ukraine: in 2020, the cost of food products to increase by 10-15% — expert




In 2020, Ukraine will face a harvest failure, as well as increasing of food prices by nearly 10-15%, forecasted the member of the Economic Discussion Club, Oleg Pendzin.

To date, many experts is a clear understanding that the current year will become the period of poor crops, due to the weather conditions. Ukraine will have a hot and dry summer. According to preliminary estimations, the grain harvest will decrease by 18% compared with last year, and total nearly 60 mln tonnes. At the same time, bread prices will become more expensive, due to the increase of grain prices, O.Pendzin explained.

The expert noted that he made preliminary estimations only, because as of May 2, farmers still continued providing the spring field works.

Although the global food prices are falling, because the demand from business sharply decreased: cafes, restaurants, bars, fast food joints do not work. On the global market, sugar and vegetable oil prices fell by 12%. But the UN raised alarm: in the current year more people will go hungry. It is the poor harvest year, due to the severe weather conditions, and the quarantine, many countries did not have time to completely plant all crops. Therefore, the prices of food products will increase, added the expert.