Food prices will rise for 15 percent more during the coming year

Although food products become pricier in October already, by 10 percent when compared to the same figures of the previous year, the price increase will continue in full speed also in the future.

According to the data of the National Statistics Board, the Consumer Price Index increase for October was the highest in the last ten years. The prices for food products increased by 10. 1 percent, affecting the increase of the index the most, Äripäev wrote.

Retail sellers expect the price increase to continue in the next 12 months. “The price increase of food products will be on the estimated level of 5-15%,” said Ruth Laatre, Executive Director of Rimi Eesti Food. The price increase of imported goods – imported alcohol – will be lower than the price increase of the local food products, as the latter is more influenced by the local raw materials – meat, milk and grain – and the local production costs – energy and labour – becoming more expensive.

Ando Nõupuu, Executive Director of Comarket AS has the same opinion. According to him, the main cause of price increase of food products in retail stores will be the increase of purchase prices, and this may increase the prices of food products by up to 15 percent.

“Comarket is not planning to increase the prices of products by increasing the margin,” said Nõupuu. “We intend to compensate the increase of operating expenses, primarily the salary increase, by an increase of turnover, by expansion and by an increase of efficiency.”

Iivi Saar, Purchase and Marketing Director of A-Selver AS, believes that if the consumer has to choose, the first things to be given up are the luxury goods. “Food products may also be purchased less, for example the more expensive hams and fish,” noted Saar.