How to check chicken prices? Russia scraps import duty after Putin issued a rare apology
Business
Annual consumer inflation is running at 7.48pc, well above the central bank's 4pc target
LAHORE/MOSCOW (Web Desk/Reuters) – Chicken and eggs prices are surging at a rate that the low-income groups in Pakistan are unable to these items in their menu, as the latest official figures show that inflation during the past week surged by 42.60 per cent, further worsening the cost-of-living crisis for the country’s overwhelming majority.
The high chicken prices are a serious issue – which remain unaddressed – given the fact that the white meat and eggs were very much affordable source of protein for the majority thanks to the local poultry industry.
However, things have changed since the coronavirus pandemic and inflation has made even the “dear eggs” a luxury – just mutton which was followed swiftly by beef – in a country that has an agri-based economy.
Meanwhile, Reuters in a latest report says Russia will scrap import duty on up to 140,000 tonnes of frozen chicken through the whole of next year, the government said on Saturday, in order to increase domestic supply and hold down prices.
President Vladimir Putin, who is standing for re-election in March, issued a rare apology last week to a pensioner who complained to him about the soaring prices of eggs and chicken during a marathon televised question-and-answer session.
The government has also exempted 1.2 billion eggs from import duty in the first half of next year to try to rein in prices that have risen by more than 50pc this year, hitting those on low incomes hardest.
The statistics office said on Wednesday that egg prices rose 4.62 per cent in the week to Dec 18 and 4.55pc the week before that. Annual consumer inflation is running at 7.48pc, well above the central bank's 4pc target.
